June 2019 Newsletter : Cylchlythyr Misol Mehefin 2019
Are you too clever to be scammed? You all probably think of course I am, but seemingly intelligent people have fallen for the following :
Hi. I am phoning from your bank to check you made a purchase of £900 for a new phone. No, not me. That is fine but we think you may have been hacked. Can we change your passwords? If you would just like to confirm your details for me….. Remember, banks will never phone for your password or pin code or to transfer money out of your account. Be vigilant.
Beware of scammers inserting their bank details into what appear genuine emails from solicitors / builders etc. This recently happened to a Financial Times journalist, called an authorised push payment fraud.
Do not buy tickets for sporting events/concerts online unless from a respected source, otherwise your money and ticket may disappear.
PCP contracts are very popular. If you are contemplating entering an agreement, do your sums and check the contract carefully. They can be difficult/ expensive if your life changes due to illness / redundancy etc
If you are fortunate to have 2 good sources of income under PAYE, you may be eligible for a rebate of some National Insurance.
Mortgage rates remain very low - check interest rates but beware high fees.
Ask Huw: What is the Inheritance Tax position for ISAs and SIPPS?
As ISAs are held in a single name they are part of an individual’s taxable estate. Most ISAs have to be matured on death with the one exception being a transfer to the remaining spouse, a popular option.
SIPPS (Self invested personal pension schemes) can be transferred tax free to named beneficiaries if the pension holder dies under the age of 75. This can be effective for Inheritance tax planning where individuals have large estates.
However if you die after the age of 75 your beneficiaries will pay income tax at their marginal rate on any withdrawals from the pension fund.
If you wish to contact me in complete confidence my details are:
www.huwrobertsaccountant.com 07967 976854