November 2018 Newsletter Cylchlythyr Misol Tachwedd 2018
The main Budget review produced on 29 October is attached. There are 2 supplementary tax rises not mentioned in the Budget :
1) National Insurance increases from 6 April 2019, reducing some of the potential gains arising from higher personal allowances.
2) Probate application fees are due to increase significantly in April 2019 from the current level of around £220. For estates up to £300,000 there is little change. However estates over £500,000 will see fees increase over tenfold to £2,500 and Estates over £1,000,000 will pay a fee of £4,000.
Whilst some individuals following the loss of a loved one proceed with the process of probate quickly and obtain a Grant within a period of say 3 months, for others there can be a delay of many months or years as they come to terms with their loss and they cannot face the paperwork for some time. For these individuals a delay may now prove costly and add further distress with the increased fees. If you or a member of your family are in this position, hard as it may be, there is an incentive to submit the paperwork by the end of March 2019.
One good and sensible piece of legislation from the taxman: From 6 April 2017 if you receive very occasional income of under £1,000 outside your main income it no longer needs to be reported to HMRC.
Ask Huw: I have found old gift vouchers. For how long are they valid?
Sadly, most gift cards / vouchers come with expiry dates, typically 2 years. Whereas previously businesses such as John Lewis might have extended this period as a goodwill gesture, this is far less likely in current tough trading conditions. If companies fall into administration these gift vouchers may become worthless overnight. Go and spend them now.
If you wish to contact me in complete confidence my details are:
www.huwrobertsaccountant.com 07967 976854