October 2018 Newsletter Cylchlythyr Misol October 2018

The Budget

The Budget is on 29 October.  A full review will be sent on the evening of the Budget.  Potential areas for tax rises include:

  • Loss of higher rate pension relief / a cut in the annual allowance.   If you are contemplating pension contributions, make them pre-budget.
  • Further tax / National Insurance for company directors paying themselves mainly in dividends.
  • More taxes on second homes / buy to let properties/Air B and B income.
  • An Amazon / digital tax or a review of these taxes.
  • More self employed / contractors may have tax deducted @ source.

Buy to Let Properties

Some landlords are considering selling their buy to let properties when tenancies end. Please contact me if you want a review of your Capital Gains tax liability and to see if there are opportunities for tax planning.

Scams

Scam threatening telephone calls allegedly from HMRC have caused much anxiety. Please warn elderly relatives / friends that if they receive a call that it is a scam and they should put the phone down.

HMRC

HMRC guidance on tax enquiries / record keeping states : “Where tax has been lost because of careless behaviour we can make an assessment within 6 years of the end of the relevant tax period.”  Consequently records prior to 6 April 2012 can be destroyed.  Happy shredding!

Ask Huw

I believe there is a new Inheritance Tax allowance for home-owners.  How does it work ?

Since 6 April 2017 there is an additional allowance on top of the £325,000 per person, £650,000 per married couple called the Residence Nil Rate Band.  It is £125,000 per person, £250,000 per married couple potentially increasing the tax free allowance to £900,000.  It mainly applies where property is left directly to children / grandchildren. 

 

If you wish to contact me in complete confidence my details are:

This email address is being protected from spambots. You need JavaScript enabled to view it.     029 2069 4524       

www.huwrobertsaccountant.com       07967 976854

Contact Huw Roberts

Client Testimonials

  • “Diolch o waelod calon am eich gwaith graenus.”

    “Heartfelt thanks for your fastidious, high quality work”
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