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POWER IN NUMBERS - ISSUE #27

Making Tax Digital for VAT - Update Delay to rise in probate fees Changes to Income Tax for 2019/20 BBC Radio Solent Listeners put their Taxing Concerns to Rothmans Expert Looking to Sell Your Business - Or Planning for its Succession? Rothmans and Barclays Bank Host Breakfast Seminar

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The following news articles are in this issue:

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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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Delay to rise in probate fees

The government has delayed its planned increase in probate fees indefinitely. The delay has been attributed to ‘pressure on Parliamentary time’ caused by Brexit debates and votes. The increase in fees had been set to take effect from 1 April 2019, but HMRC recently made the decision to postpone the rise. Under government plans, the proposed probate fees are as follows: Value of estate (£) Proposed Fee (£) Up to 50,000 or exempt from requiring a grant or probate 0 50,000 - 300,000 250...

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Making Tax Digital for VAT - Update

As mentioned in our previous newsletters, HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the new rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD-functional compatible software. The new rules are now live, having taken effect from 1 April 2019 where a taxpayer has a ‘prescribed VAT return period’ wh...

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Rothmans Host Breakfast Seminar

Rothmans and Barclays Bank Host Breakfast Seminar

Rothmans and Barclays Bank recently hosted a Breakfast Seminar in Winchester on ‘Making Tax Digital’ and ‘Cyber Security’. Jonathan Poulter spoke on behalf of Rothmans Accountants and Alex Douglas for Barclays Bank. Jonathan has been a Partner at Rothmans Winchester for the past three years and specialises in owner-managed businesses. He began the seminar by giving a background to Making Tax Digital and the driving force from the Organisation for Economic Co-operation and Development (OECD) behind its agenda. Some of the topics discu...

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What are Employee Ownership Trusts?

What are Employee Ownership Trusts? When faced with succession planning and various exit strategies, the founder of a business will have a number of options. For a business that has a strong culture, it may be that the founder is keen to ensure that this continues under new ownership. And, of course, selling it to existing staff guarantees this. Ahead of Employee Owned (EO) Day on 28 June, a national day of celebration for employee owned companies, could EO be the correct exit strategy for you? With a yearly growth rate of 10%, employe...

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