December 2018 Newsletter Cylchlythyr Misol Rhagfyr 2018
Cyfarchion yr Wyl i chi i gyd. Season’s Greetings to you all.
Thank you for all your support during the year. It is very gratifying when I meet some of you who I may not have seen for many months to be greeted with “I really enjoy reading your newsletter.”
From 1st April 2019 the system for reporting VAT will change as HMRC proceed with their “Making Tax Digital” project (or as one wag stated “Making Tax Difficult”!). This will involve more detail and spreadsheets being forwarded to HMRC with each VAT return. The tax software suppliers whom I use are releasing new software which will meet HMRC’s requirements. I will contact those of you who are registered for VAT to discuss further.
With more information held digitally and social media accounts widely used, it is important that someone has a back up of your digital records and passwords in order that they can be accessed in accordance with your wishes if the worst happens. There are Press reports of families being unable to access /alter /delete online accounts and records of loved ones. There is also the possibility of savings accounts being unaccounted for if no-one else has any access to details.
Whilst Interest only mortgages can be useful in times of financial difficulties they need to be converted to repayment mortgages at some point. If not, individuals may have uncomfortably high mortgages as they approach their 50s and 60s.
If you need a new car, the period up to Christmas Day can be a very good time to buy with empty showrooms as others prepare for Christmas. Haggle hard – often garages have monthly targets to meet and you may find a very good deal awaiting.
Scams especially supposedly from HMRC continue to trouble many, by email, telephone and now via telephone recorded voice threatening dire penalties.
My father recently passed away and on his will we discovered it had been witnessed by his nephew who was also promised £5,000 in the will. Is the will valid?
It is frequently reported that wills should not be signed by beneficiaries. However, the signing of the will by a beneficiary does not invalidate a will. What it does invalidate is the gift to the nephew as a witness cannot also be a beneficiary – a costly mistake for the nephew.
Blwyddyn Newydd Dda Lewyrchus i chi gyd. Happy and Prosperous New Year to you all.
If you wish to contact me in complete confidence my details are:
www.huwrobertsaccountant.com 07967 976854