April 2019 Newsletter : Cylchlythyr Misol Ebrill 2019

6th April is the start of a new tax year.   The Personal Tax Allowance will risefrom £11,850 to £12,500, and the starting point for higher rate of tax from £46,350 to £50,000, additional take home pay of £130 for basic rate taxpayers and £860 for 40% taxpayers, but higher National Insurance reduces the gains.

 

For employees in private companies, auto enrolment rates for employees increase from 3% to 5% and for employers from 2% to 3%.  

 

Higher rate taxpayers who pay interest on loans on rental properties will see a further restriction in the level of tax relief available.

 

There is a further increase in the level of the Residential Nil Rate Band for Inheritance Tax where parents leave property to children / grandchildren.

 

If you are a flat owner, or have elderly relatives who have owned flats for many years check the length of the lease.  If the remaining period is fairly short at say under 70 years, get the lease extended now or you will encounter substantial problems when the flat is eventually sold.

 

Probate fees are increasing significantly soon, when Parliament can find time to pass the relevant legislation.  If you or your family / friends need to submit a probate application for £215 time is running out.

 

Ask Huw: I wish to purchase a second property.  I can pay a significant deposit but need a loan of say £25,000 over 5 years.  What are my options?

You can consider remortgaging your existing property if you have a fairly low mortgage: alternatively a new buy to let mortgage is an option probably @ a higher rate of interest.  Both of these options will incur fees.  Another option is a short loan from a company like Tesco loans who offer loans up to £25,000 @ 3% with no fees payable and a simple administrative process.  They also offer a competitive alternative for car finance / home improvements etc.

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

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