February 2020 Newsletter | Cylchlythyr Misol Chwefror 2020

On 1 February 2020, we launched a new partnership, called Huw Aled Accountants. This will concentrate on tax and accounting work. Huw will continue to separately advise on probate, wills and inheritance tax.

 

Interest rates at the main high street banks remain low and there is a temptation to invest at other, less well-known banks which may offer significantly higher interest rates on savings. Research into the background of these banks, and if it looks too good to be true, it probably is.

The Competition and Markets Authority investigation into the leasehold property market has found "worrying evidence" that buyers are being treated unfairly and charged unreasonable fees.  This could eventually mean some form of compensation for purchasers of leasehold houses.

If you are contemplating purchasing a house which is leasehold be very careful and examine the contract in great detail.

From February 14 2020, telecoms providers (broadband, phone and pay-TV companies) are now required to tell customers when their contracts are about to expire and also tell customers about the best alternative deals.

For those that have bank overdrafts, there are significant changes to overdraft fees. Check the impact on your accounts and consider a short-term loan to clear the overdrafts, if cheaper.

"I don't consider myself dim." This was a quote from a reader in the Financial Times recently who fell victim to a scam. We feel sure that you readers do not consider yourselves to be dim but be scam aware. Latest scams include cold callers purporting to be from the Department of Transport stating (not asking!) that you have been involved in a recent accident and calls purporting to be from HMRC, which demand you speak to an adviser, or face a possible warrant to be issued for your arrest. Remain alert.

Next month's newsletter will concentrate on the Budget, and we will be hosting two Budget presentations at Tabernacle Chapel Vestry, Hayes, Cardff on Wednesday 11 March at 5pm (start time 5:15) and Thursday 12 March at 8am (start time 8:15). The presentations will last approximately 20 minutes with a short question and answer session to follow. Light refreshments will be available.

Ask Huw: Can you clarify the changes to the reporting and payment of capital gains tax for 2020?

The deadline by which owners with taxable gains on residential property have to pay will reduce from 22 months to 30 days. From 6 April 2020, capital gains tax forms will need to be submitted to HMRC, with the amount paid within 30 days of completion of the sale.

There are two separate penalty structures for the late filing, and for the late payment of the capital gains tax.

If you are planning to sell any property in the next couple of months, you may want to try and sell it before 6 April 2020, when this new change comes into effect.

 

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