July 2019 Newsletter : Cylchlythyr Misol Gorffennaf 2019
The latest scam on Facebook is an advert called “Save with Dave” from an American firm quoting 6% interest. Similar offers of very high interest rates have proved to be worthless with savers losing some or all of their investment. An advert on Yahoo for Bitcoin promises ludicrous returns and endorsements (fake news) from allegedly the BBC / Alan Sugar etc.
People who have been scammed often say “I suddenly realised something was wrong…..” 30 minutes after their money has gone. Stay very alert.
Tax Returns 2018-2019 update with over 40 returns now submitted:
HMRC are sometimes omitting collection of Class 2 National Insurance.This could cause a shortfall in state pension. Check your assessments.
Changes to mortgage interest relief for higher rate taxpayer landlords are leading to higher bills for rental income.
More individuals with relatively simple tax affairs are being taken out of self assessment by HMRC and will not have to submit further tax returns.
Check your wills to ensure they are up to date and that your wishes are clearly stated. Ambiguous / badly drafted / self written / old wills can cause problems with intended beneficiaries unintentionally losing out.
Ask Huw: I intend to sell a rental property which was previously my home. Will I have to pay Capital Gains Tax on the sale? Are the rules changing?
Capital Gains Tax is potentially payable but relief is available for the period that it was your home. In addition there is a further relief called Lettings relief along with relief for the last 18 months of ownership.
From 6 April 2020, lettings relief will be withdrawn and relief for the final period of ownership will be cut from 18 to 9 months. Potentially this could increase your Capital Gains Tax by a good few thousand pounds. Consider selling the property before 5 April 2020 to secure the higher tax reliefs.
If you wish to contact me in complete confidence my details are:
www.huwrobertsaccountant.com 07967 976854