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Trusts with Small Amounts of Savings Incomes

In the latest Trusts and Estates Newsletter, HMRC has confirmed the continuation of the interim arrangement for interest reporting. In 2016, the requirement for payers to deduct tax at source on bank and building society interest was removed and income from these sources is now paid gross. Due to this change, trustees and personal representatives had increased reporting requirements. HMRC introduced an interim arrangement so trustees do not have to submit returns, or make payments under informal arrangements, where the only source of inco...

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Updated Guidance on Spotting HMRC Scammers

HMRC has updated their list of example websites, emails, letters, text messages, WhatsApp messages and phone calls used by scammers and fraudsters to obtain an individual’s personal information. The guidance can be used to help you decide if a contact from HMRC is genuine and provides examples of the different methods that fraudsters use to get individuals to disclose personal information. You can also read about how to recognise genuine contact from HMRC, and how to tell when an email is phishing/bogus. Click here for genuine contac...

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Networking Breakfast for Businesses 6

Rothmans Accountants and Barclays Bank host Networking Event

Rothmans Accountants, one of the South’s longest-established accountancy firms, and Barclays Bank UK PLC have held a joint networking event for business owners in the region to find out more about making the most of the Making Tax Digital (MTD) initiative from HMRC and keeping digitally safe. The seminar took place at Ringwood’s multi-award-winning Hockey’s Farm Shop, named one of the UK’s Top 10 small shops last year, and also a long-term client of the Salisbury Rothmans office. Rothmans Ringwood manager, Sarah Cross, gave an ov...

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Ringwod Map

Rothmans Chartered Accountants new location for Ringwood office – and a familiar face returns

Rothmans Accountants have moved to new premises in Southampton Road following the retirement of Partner, Brian Corlett, after many decades of dedicated service to the firm. The office in the centre of Ringwood has continued to experience high demand for its services from long-standing clients, as well as from growing numbers of new clients in the area, says Rothmans Chartered Accountant, Sarah Cross, who now manages the Ringwood office, headed up by Partner Sue Sullivan. Sarah Cross says, “The icing on the cake for everyone is that our...

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BBC Radio Solent Listeners put their Taxing Concerns to Rothmans Expert

BBC Radio Solent listeners flocked to the phone lines to ask for advice from our Tax Partner, Julian Sims, when he made his most recent appearance in the ‘Ask the Expert’ slot on the daily morning show with Sasha Twining. Julian is a popular and regular guest on the show which sees him dealing with a variety of queries from callers. Perhaps unsurprisingly on this occasion, as April 6 approached, Julian was asked for advice on the penalties involved if tax returns included errors or omissions. Other wide-ranging topics included the tax im...

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Changes to Income Tax for 2019/20

The new tax year brings changes to income tax bands and allowances. The personal allowance is £11,850 for 2018/19 and increases to £12,500 for 2019/20. There is a reduction in the personal allowance for those with ‘adjusted net income’ over £100,000. The reduction is £1 for every £2 of income above £100,000. So, for 2018/19 there is no personal allowance where adjusted net income exceeds £123,700. For 2019/20 there is no personal allowance available where adjusted net income exceeds £125,000. The marriage allowance permits cer...

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