Financial resilience
How prepared are you for any financial shocks? Over three million working couples are classed as ‘double income, no option’ (DINOS), which means they are potentially financially vulnerable if one of the two loses their earnings. The typical household today looks very different from the traditional image of a working family made up of one […]
Reform may be coming to pension tax relief
The way pension tax relief works is reportedly under review by the Treasury. The apparent proposal is focused around a new flat rate of tax relief of 25% on pension contributions, regardless of personal income tax rates. Under this scheme, a gross pension contribution of £100 would require the same of everyone – a net […]
Late filing penalties to use points-based system
HMRC has revealed plans for a new penalty system for late tax returns, in the draft Finance Bill 2018/19. The proposed scheme is intended to reduce the number of penalty notices issued by introducing tolerance for one-off errors and would overhaul the fines charged by replacing escalating daily or tax-geared penalties. The new fixed penalties […]
Growing list of MTD software suppliers
HMRC has been busy approving software suppliers ahead of the first Making Tax Digital (MTD) deadline in April 2019. The latest additions to HMRC’s list of approved software suppliers means there are now 27 providers to choose from. Until recently there were only a few suppliers on the list, but HMRC has confirmed it is […]
More requirements to fall on private landlords
Fresh requirements will increase the complexity for landlords and people making money renting out their main residence from 2019. The Finance Bill 2018/19 draft legislation has been published ahead of November’s Budget. For those keeping an eye on property taxes, it includes the following: A new ‘shared occupancy test’ will be applied to rent-a-room from […]
Rewarding long service
The rise of portfolio careers – where workers regularly change job and sometimes spend time self-employed – makes long service an uncommon thing, but one worth rewarding. The traditional gift for long service – defined by HMRC as more than 20 years continuous employment at a company – is a watch, or clock for the […]
Ward Goodman supporting local arts festival
Ward Goodman are proud to be sponsoring The Wessex Festival 2018. The Wessex Festival 2018 will take place from Thursday 9 August to Sunday 12 August in venues in Wimborne Minster and Lytchett Minster, bringing together choral singers, instrumentalists, young musicians and professional performers. Taking the theme of ‘War and Peace’, many of the events in […]
Looking offshore at your investments
Requirement to correct deadline nears Taxpayers will find themselves facing serious penalties if they haven’t fully declared any income tax, capital gains or inheritance tax liabilities relating to offshore matters by 30 September. The disclosure requirement covers periods up to 5 April 2017, with the objective of getting taxpayers into a compliant position before new, […]
Cultivating the art of patience
Sticking with a long-term commitment to your investments If you want to give your investments the best chance of earning a return, then it’s a good idea to cultivate the art of patience. The best returns tend to come from sticking with a long-term commitment to your investments. The longer you’re prepared to stay invested, the […]
Protection matters
Families face a precarious situation if the worst were to happen Everyone’s circumstances are different, but most people start to think about cover to help protect their family financially once they have children. But research from Scottish Widows [1] reveals that 60% of women in the UK with dependent children have no life cover, leaving […]
