January 2019 Newsletter : Cylchlythyr Misol Ionawr 2019
Blwyddyn Newydd Dda. Happy New Year to you all.
At the beginning of a New Year review your financial position:
- Have you got a will? If you have a will does it reflect your current position or is it out of date? Have you planned for Inheritance Tax?
- Review your savings accounts to ensure that you are getting reasonable returns and are not in very low interest accounts, receiving under 0.1%.
- For those with mortgages, review your rates of interest. If you have an “interest only” mortgage have you adequately planned to repay it?
- Make a list of your savings accounts. Ensure that a close member of the family / trusted professional has access to the list so that funds are not lost if an unfortunate sudden illness / accident happens.
- Review your monthly standing orders and direct debits (Many do not!).
Scams continue to worry clients, especially phone calls / E Mails claiming to be from HMRC / TV Licensing.
Beware of very high arrangement fees on products such as mortgages.
Beware of the higher risks involved with “mini-bonds” offering high rates of interest and crowdfunding. “If it looks too good to be true” - Avoid.
I own some properties and wish to give one to my niece. Is there Capital Gains Tax payable?
HMRC guidance states that Capital Gains Tax is payable when you sell or dispose property, unless it is gifted to a husband, wife, civil partner or charity. As it is a disposal to your niece, tax will be payable on the overall gain less your Annual Allowance of £11,700. Tax is payable @ 18% or 28% dependent on whether you are a basic rate or higher rate taxpayer.
If you wish to contact me in complete confidence my details are:
www.huwrobertsaccountant.com 07967 976854