May 2018 Newsletter Cylchlythyr Misol May 2018
By the end of May most of you will have received your P60 forms. Even if you are not obliged to complete a tax return, please contact me if you wish to check your tax position as errors can occur which could lead to either an overpayment or underpayment of tax.
Having commenced a new tax year, tax allowances are available for the current year, such as your £20,000 ISA allowance, personal pension allowance of up to £40,000, Inheritance Tax gift allowances of £3,000 each and capital allowances for equipment purchases for businesses.
The Welsh Government has increased the capital limit to £40,000 before individuals have to pay for their own care, an increase of £10,000 from the previous limit of £30,000.
For VAT registered small businesses selling products on the internet and using E Bay, the VAT position changed on 1 August 2017. From that date E Bay, although registered in Luxembourg now charge 20% VAT on their fees. This VAT can be reclaimed and backdated claims are allowable.
When an estate is being administered, executors and trustees may need to protect themselves from unexpected claims after probate has been granted. This can be done by publishing a Notice in a newspaper called the Gazette and one local newspaper, stating that any claims need to be made 2 months and one day after the date of publication. After this period the estate may be distributed if no claims are received.
The new Data Protection laws start on 25 May 2018, building on the existing legal framework. Attached is a statement of my privacy and GDPR policy.
My practice is now 31 years old, having started in May 1987. After 5 years as S4C’s accountant I heeded the advice of the then head of S4C, Owen Edwards who told me “Never look back”. I have enjoyed the work and look forward to continuing to provide my services to clients old and new, with over 20 clients having been with me since the 1980’s.