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February 2019 Newsletter : Cylchlythyr Misol February 2019

A polite request to all clients.  If you are contemplating any large financial transactions and wish to discuss potential implications please contact me before completing the transaction. When a client is pro-active, if tax planning opportunities are available these can be discussed. If there are any downsides to a transaction these can be examined.  In recent years clients have been guided away from some very dodgy investments whilst others have saved thousands of pounds through perfectly legal tax planning.

If I have no knowledge of the transaction, I can then only be re-active and apply the tax law accordingly even if a very poor error of judgement has been made.  Some individuals have paid huge commissions / made very poor investments / been dreadfully ripped off by car salesmen / or paid too much tax when a little planning could have saved thousands of pounds.


With the end of the tax year approaching, if applicable use current year allowances for ISA’s (Up to £20,000), pension allowances, Capital Gains Tax allowances etc before the new financial year commences.


The latest unpleasant scam involves a little blackmail, stating that a computer has been hacked, pornography placed on the computer which will be shown to friends / family if a fee of a few hundred pound is not immediately paid.  Please ignore if this arrives.  Also beware TV licensing scams / HMRC scams and BT internet / hacking / disconnection phone calls and E Mails.


Probate fees are rising significantly from 6 April 2019 for estates valued at over £300,000, up from £215 to £750 for estates over £300,000 and rising progressively for larger estates, £2,500 for estates of over £500,00 and higher still for larger estates.  If you have lost a loved one and not yet submitted probate forms aim to submit them before 5 April 2019.


Ask Huw: My nephew is starting a new job shortly with a small company and is unsure whether to opt for auto-enrolment for his pension. 

With effect from 6 April 2019 the employee contributes 5% of taxable salary and the employer contributes a further 3%.  The general recommendation is to join the scheme as the employer must top up contributions by a further 3%.  If he does not join he will have a smaller pension at retirement and will not be having the employers contributions.


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       07967 976854

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