Allotts Financial Services

Independent Financial Advisers for Doncaster & Rotherham. We offer a wide range of services in personal finances, business finances & financial services.
Allotts Independent Financial Advisers

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Allotts - Independent Financial Advisers based in Doncaster and Rotherham

Allotts Business Update Jan-Feb 2022

While we’re not yet at the end of the extraordinary experience of the last two years, the prime minister has signalled the end of plan B restrictions, allowing many business owners, not least from the beleaguered hospitality sector, a sigh of relief.

As we move towards the new tax year, however, tax threshold freezes and forthcoming tax increases are also upon us. In the first edition of our newsletter for 2022 we look at a range of measures to help you manage your tax liabilities. Our feature focuses on inheritance tax planning following the government’s shelving of anticipated restructuring measures for IHT. We look at ways to reduce exposure to IHT and shield your inheritance, which can be less complex than you may think.

Allotts Business Update Jan-Feb 2022

Year end is also round the corner, and we outline strategies for managing your tax bill in light of the 2022/23 tax raises and threshold freezes. Among those tax increases is the levy on national insurance contributions designed to help pay for social care. The Chancellor announced in October 2021 that the rules around paying for care in England are changing and we explain how people will be affected by the new payment cap.

Our other stories include:

  • MTD extends on VAT and new penalties regime – Originally due to begin in April 2022, the new penalty regime for VAT late returns and payments has now been postponed to January 2023. Making tax digital however continues to expand, with all voluntarily VAT registered businesses and landlords under the VAT threshold included in the scheme from April 2022.
  • The promise of freeports? – Businesses sited in these new import and export hubs will benefit from relaxed customs rules and series of tax breaks designed to boost each area.
  • HMRC clarifies taxation of cryptoassets – Some may consider this still new and expanding area of economic activity to be exempt from legislation governing established investment exchanges. However, HMRC is now looking to recoup any capital gains tax revenue it may be owed from exchanges in this market and is writing to taxpayers to put them in the picture.

We will keep you informed of developments in our next newsletter in April, when we will be no doubt all be hoping for a restriction-free summer. Meanwhile please do get in touch if we can continue to help or provide you with more information on any of the topics covered here.

We offer a wide range of personal financial services to cater for your requirements....

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We offer a wide range of business financial services to cater for your requirements...

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We were established in 1927 and ever since then we have continued to build our reputation for good sound business advice and financial...

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At Allotts, our Vision is to be the first choice provider of innovative financial and business solutions within South Yorkshire and the surrounding areas...

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