Next up is private client specialist Hannah Terry.
- Hannah you are both ACA and CTA qualified. Anymore tax qualifications on your wish list?!
Not a chance! Although I said that after completing my chartered accountancy exams and started CTA a year later, so I am clearly a glutton for punishment! I am currently enjoying a well-earned break from exams, however, every day’s a school day in the office so who knows where my career might lead next.
- I hear that you are the office’s (American) pancake making queen, what’s your favourite topping?
I am a big fan of Nutella with blueberries and strawberries.
- Do you have a top tax tip for individuals to consider for the 2018/19 tax year?
With the tax-free dividend allowance reducing to £2,000 from 6 April 2018, anyone with excess dividends should consider making use of their £20,000 ISA allowance.
- Being the mum of Lucy and Skye (Jack Russell’s), you must know some great walks around Somerset? Do you have any top walking locations?
I love the beaches at Berrow and Brean, or going up into the Quantocks. The 360 degree views from Cothelstone Hill are amazing.
- The Making Tax Digital (MTD) obligations are coming in next April for VAT purposes initially. How should VAT registered private clients prepare for this event?
Making the transition to MTD compliant record keeping should be done sooner rather than later to allow for time to get used to it before it becomes compulsory.
Although it will be possible to continue using spreadsheets, we recommend using Cloud Accounting packages such as Xero or Quickbooks, which can also benefit your business by streamlining the record keeping process and providing real-time information. For anyone nearing the VAT registration threshold, it would also be worth taking this opportunity to review current record keeping processes and discuss the options with our specialist Cloud team.