Robert Lloyd - a Sir Gar Blog of random news . . . and some Clecs!

By David Butler, director of Clay Shaw Butler chartered accountants and business consultants, Lammas Street, Carmarthen It was Bob Dylan who sang ‘The Times They Are a Changin’, way back in the 1960s. Well, they certainly are: Next month sees massive changes to the way we handle our pensions The countdown is on to a May 7 General Election. And inflation is at a record breaking low - 0.5 percent, the joint-lowest since the Consumer Prices Index began in 1989. This month, our focus will be on pensions – as it is pretty near the top of the agenda when it comes to the questions accountants get asked. From April 6, you'll have more freedom over how you take money from your pension pot. These changes affect you if: you're 55 or over, and  have a pension based on how much has been paid into your pot (a ‘defined contribution’ pension).  Changes from April 6 are for new pensions drawn out. You can still draw up to 25% of the fund tax free, but then any further amounts, which can ...

By David Butler, director of Clay Shaw Butler chartered accountants and business consultants, Lammas Street, Carmarthen The first few months of the new year sees many people launching new businesses. It’s a challenging time . . . You’ve got to think about that all-important business plan, decide on your trading structure, work out what accounting systems you are going to use and take on board sound financial advice. If you're just starting up in business, your accountant will have stressed how important it is to stay on top of your record keeping. Although other elements of your business may seem more pressing, it's essential to set aside enough time each week to ensure that your books are in order - keep putting it off and you'll quickly find that your accounts become unmanageable. Here are five key ways to take charge of your bookkeeping. 1- With the help of your accountant, create a calendar or spreadsheet of important tax-related dates and place it whe...

By David Butler, director of Clay Shaw Butler chartered accountants and business consultants. January is the busiest month of the year for us at Clay Shaw Butler as we make sure everyone gets their tax returns sorted before the deadlines. But that doesn’t mean we ignore the other issues pressing on the minds of our customers. One of those issues has surrounded the reforms on Stamp Duty Land Tax (SDLT). The Chancellor of the Exchequer George Osborne announced changes to SDLT on residential property transactions in his Autumn Statement. This change applies to you if you are buying a home in the UK for over £125,000. Stamp duty will be cut for 98% of people who pay it. If you’re buying a home for less than £937,500, you will pay less stamp duty, or the same. Historically, SDLT has been charged at a single percentage of the price paid for the property, depending on the rate band within which the purchase price falls. Now, the SDLT system has been changed and each new SDLT rate will only ...