The Chancellor Headlines – March 2018
It’s time for another dose of The Chancellor Headlines, our monthly round-up of the hottest goings-on in our organisation and the finance world at large.
So take a look at our summary of March’s news.
How to claim your power of attorney refund
If you’ve put in place a Power of Attorney (in a property, financial, health or welfare capacity) between April 2013 and March 2017 you may be in for part of a refund on the fees. This comes after the government realised they’ve overcharged for their Power of Attorney registration fees.
The online form to make your claim is simple – so take a look and see if you qualify.
Click here for the government’s site on Power of Attorney refunds
Now is the time to use up your ISA allowance
The tax year begins again on April 6th and, as such, this is the time that your ISA allowance resets. You’ll be unable to carry your allowance over to next year, so once it’s gone it’s gone.
In 2018/19 you can invest another £20,000 if you’re using a Stocks and Shares ISA, £4,000 for a Lifetime ISA and £4,260 for a Junior ISA.
Our advice – don’t wait until the end of the tax year, make a considered decision early.
Your Dividend Allowance is set to change
Your dividend allowance is set to reduce from £5,000 to £2,000 from tax year 2018/2019. This change is impacting approximately 2.3 million UK residents and will result in many more people having to pay tax directly to HMRC for the first time.
In addition to this, you may have to pay tax on savings interest directly to HMRC. Since April 2016 interest has been paid gross, but with interest rates starting to rise more people will find themselves having income above their tax free Personal Savings Allowance. This could specifically affect joint bank account holders, not in self-assessment, who do need to report this to HMRC.
Read more about the Dividend Allowance changes here
Read more about Interest Tax Charges here
Spotted! One of our team snaps a leopard!
Member of our team Sam Farnell has managed to snap a photo of a leopard while travelling through Africa. He said of the experience, ‘Catching a leopard on camera during the day was an unforgettable moment. Some of the South Africans claimed that even park rangers that have worked there for years don’t get to see a leopard during the day. I was delighted to capture this moment – and it takes pride of place as my desktop screensaver!’
We’ll have more Headlines next month, but If you have any questions about the issues we’ve covered in this month’s edition, please don’t hesitate to get in touch on 01204 526846
