March 2018 Newsletter Cylchlythyr Misol Mawrth 2018
It is the first birthday of the monthly newsletters. Thank you for all the kind messages of support. If you know of others who wish to be added to the mailing list please let me know.
Year End Tax Planning. As they say “Use it or Lose it!” If you are in the position to use any of the following exemptions, time is running out with the current tax year ending on 5 April 2018.
Make use of your ISA allowance, up to E20,000 can be invested. Fixed rate ISAs are available offering around 1.2%.
Each individual can gift £3,000 tax free for this year and the last tax year (£6,000 each per couple) to reduce potential Inheritance Tax.
You can shelter a Capital Gain of up to £11,300.
For those wishing to pay high pension contributions, the 2015-2016 unused allowance expires shortly under the carry forward rules.
Spring Statement. This was an economic and political statement with no new tax measures. Items mentioned for future consideration included a decrease in the VAT registration threshold, more tax on older diesel vans, more VAT on Internet sales and possibly more tax payable by the Internet giants.
A brief guide to Lasting Powers of Attorney.
By establishing a Lasting Power of Attorney individuals can choose who looks after them if they are unable to make their own decisions. They can be set up when an individual is well and can either start immediately or take effect as capacity fails. There are 2 types.
Financial. This allows the Attorney to look after investments, bank accounts, maintenance or sale of property etc. The attorney(s) can be a close family member, trusted friend or a professional person.
Health and Welfare. This allows the Attorney(s) to make health related decisions on the individual’s behalf and will either be a close family member or trusted friend.
Do you have an iphone? If so you may have received a text supposedly from Apple with a Final Notification: “Your Apple ID is due to expire today”. It’s a rather clever looking scam and should be ignored. Messages supposedly from HMRC offering tax rebates are scams.