• 1 The 2018 New Forest Dog Friendly Awards
  • 2 Take care - don't start a New Forest fire
  • 3 Colten Care homes parade and tea party at Lymington Carnival
  • 4 Award-winning Agapanthus grown in the New Forest
  • 5 New Forest French bistro puts out the flags for Bastille Day
  • 6 Holiday childcare in and around Lymington
  • 7 Meet the stars of the 2018 Curious Arts Festival near Lymington
  • 8 Life Matters from Lester Aldridge - why make a will
  • 9 Lymington director's film hits the big screen!
  • 10 Colten Care to remove more than a million pieces of plastic each year
  • 11 This July, Transition Lymington challenge us to reduce our use of plastic
  • 12 New Forest Cottages celebrates 40th birthday
  • 13 First Curious Dog Show at 2018 New Forest Curious Arts Festival
  • 14 Buzz of activity as care home residents turn children's champions
  • 15 2018 Lymington Italia Festival supporting local MS Society branch
  • The 2018 New Forest Dog Friendly Awards

    The 2018 New Forest Dog Friendly Awards

    Brand new awards scheme to recognise places in the New Forest where dogs feel welcomed

    New Forest Dog Friendly Awards 2018, sponsored by New Forest Tax Accountants

    The New Forest and Solent shore are perfect for dog walks and it's little wonder that the area attracts many visitors and locals with four-legged friends. In fact the New Forest is doggy heaven for well behaved dogs.

    Have you and your dog discovered a really dog-friendly business that is worth celebrating? The New Forest Dog Friendly Awards is your opportunity to nominate your favourite dog friendly businesses in the New Forest area.

    Awards for dog friendly places to

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  • Take care - don't start a New Forest fire

    Take care - don't start a New Forest fire

    It only takes one careless match, cigarette or bbq to cause a fire that can destroy habitats and landscapes for many years.

    The current dry conditions have increased the risk of fires in the forest and wider countryside. Wildfires (uncontrolled, unwanted or unplanned fire) can cause severe damage to habitats and landscapes, which in some cases can take decades to restore, not to mention impacts on soil, water quality and carbon storage. Fires such as these can be devastating to all of the things that make the New Forest and Pennington Common special

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  • Colten Care homes parade and tea party at Lymington Carnival

    Join the Mad Hatters this Sunday morning at Lymington Carnival!

    Colten Care and Alice Through the Looking Glass at Lymington Carnival 2018

    colten care lymington carnival alice wonderland residents 800 All comers to Lymington Carnival are invited to drop in at Colten Care’s Mad Hatter’s tea party on the lawn in front of the Town Council offices where the Parade begins and finishes – a brilliant photo shot vantage spot!

    It’s one of the most popular children’s stories of all time – and Colten Care residents and staff are bringing it to life at the Lymington Carnival. 

    ‘Alice through the Looking Glass” is Team Colten’s theme this year, with an

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  • Award-winning Agapanthus grown in the New Forest

    Award winning Agapanthus grown in the New Forest

    Final chance to see Fairweather's plants grown in Beaulieu for RHS Award of Garden Merit

    Fairweather’s Wholesale Nursery in Beaulieu will open its doors for the 6th year running for just one weekend a year to enable everyone to enjoy the spectacle of their Agapanthus collection.

    Agapanthus Twister This flowering spectacle this year will be bigger and better than ever before, as it’s the final year to view plants that are being judged for a Royal Horticultural Society AGM (Award of Garden Merit), that will be decided this autumn.

    On Saturday 28 and Sunday

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  • New Forest French bistro puts out the flags for Bastille Day

    New Forest French bistro puts out the flags for Bastille Day

    Le Blaireau French bistro in Brockenhurst New Forest Celebrate 'le 14 juillet' in style at Le Blaireau in Brockenhurst

    Whether you’re strolling through the streets of Paris or sitting outside a restaurant of sun-baked stone in a sleepy French village, sooner or later you’re bound to get caught up in the party atmosphere as the French celebrate Bastille Day on July 14.

    The nation as a whole rises up to celebrate the storming of the Bastille and the turning of the French revolution in 1789. But you don’t have to be in France to join the party – in

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  • Holiday childcare in and around Lymington

    Looking for childcare in Lymington over the holidays?

    School holidays are great! Except when you have to work.

    Updated 12 July 2018

    girl and boy at childcare Finding things for the children to do whilst you are working can be a real chore. In a bid to try and make things slightly easier for you, here is a summary of holiday children that is usually on offer in and around Lymington.

    Start planning your summer now - you will generally find that activity days get booked up well in advance.

    Do get in touch with us if you know of any other holiday childcare clubs that

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  • Meet the stars of the 2018 Curious Arts Festival near Lymington

    A taster of the Curious Arts Festival for those who've never been...

    ...and a reminder for those counting the days to Fri 20 July 

    Live podcasts of Simon Evans, John Illsley and Dolly Alderton

    Curious Arts Press 18 010 web

    Over the last month or so, the Curious Arts Festival team have been recording curiously compelling podcasts - in partnership with their friends at the Curious Brewery - exploring life, art and the creative spark with artists who have either been to the festival or will be joining for the first time this summer. 

    And here are direct links to each of them: 

    Simon Evans, stand-up extraordinaire and

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  • Life Matters from Lester Aldridge - why make a will

    Make time to make a will - it will be appreciated! 

    Life Matters with Paula at Lester Aldridge, July 2018

    lester aldridge corrected logo Life Matters To launch our new regular feature on those niggling legal matters to which we should attend, Paula Shea from Lester Aldridge explains why and how making time to make a will will save time in the long run and will be greatly appreciated by your loved ones. 

    With increasingly busy lives, making a will often falls low on the list of priorities.

    If you care about what happens to your loved ones, property and other assets after you die, you should make

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  • Lymington director's film hits the big screen!

    Lymington director's film hits the big screen!

    Jo Brand's 'The More You Ignore Me' set to warm hearts with strong message about mental health issues

    The More You Ignore Me by Jo Brand directed by Keith English of Lymington New Forest This Friday, 'The More You Ignore Me' will hit cinemas across the UK. Written by, and starring, Jo Brand, the film was directed by Keith English who lives and works in Lymington. It has already received excellent early reviews - including Chris Evans on his BBC Radio 2 Breakfast Show.

    A poignant and darkly funny coming-of-age story of dysfunctional family life in 1980’s rural England: Gina (Sheridan Smith) whose efforts to be a loving mother and wife are undermined

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  • Colten Care to remove more than a million pieces of plastic each year

    Colten Care is joining the anti plastic revolution

    New Forest care home operator is removing more than a million single-use plastic items from its operations every year.

    Colten Care is replacing plastic recycling sacks at its Ringwood head office with reusable fabric ones. Purchasing Manager Harvey Baker tries out the system.  Good news for the overall "anti plastic" campaign in Lymington and the New Forest is that one of our higher "consuming" businesses is really taking this issue seriously.

    Colten Care has consulted relatives, management and support departments of its care homes in the New Forest as part of the launch of a campaign aimed at eradicating throwaway plastic. Altogether, the use of 1,161,124 plastic items will be avoided each year by choosing more environmentally

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  • This July, Transition Lymington challenge us to reduce our use of plastic

    Transition Lymington challenge us to reduce our use of plastic

    Lymington 2020 Vision - Month 3: Easy Plastic Swaps

    This July as a part of their 2020 Vision, Transition Lymington challenge us to reduce our use of plastic. Here are some ideas of easy ways to avoid plastic - see how many you can achieve this month!

    2020 Vision was launched by Transition Lymington in May 2018, with the objective of reminding ourselves why we love Lymington and what we can do to help enjoy it and protect it, making a sustainable community for the future. In May the challenge was to

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  • New Forest Cottages celebrates 40th birthday

    New Forest Cottages turns 40!

    The National Park’s biggest accommodation provider celebrates with record number of properties.

    New Forest Cottages office in Lymington Hampshire Established in 1978 with one self-catering cottage rental, New Forest Cottages are celebrating 40 years in business. This year marks an impressive portfolio with the holiday rental agency representing over 155 properties, which includes an amazing 25 new properties added in the last six months. 

    New Forest Cottages are the largest and oldest holiday cottage letting agency in the New Forest with a wide range of properties to suit all age groups, budgets and tastes; from thatched cottages to comfortable town house and

    Read More
  • First Curious Dog Show at 2018 New Forest Curious Arts Festival

    Curious Dog Show at Curious Arts Festival

    Dogs more welcome than ever at Curious Arts this year

    Not only are four-legged family members welcome as ever at the Curious Arts Festival Friday 20 - Sunday 22 July 2018, but this year they are invited to take centre stage on Sunday 22 July for the first ever Curious Dog Show, organised by Oscar Pet Foods.

    chihuahua reading a book Putting the bark into Curious: Oscar Pet Foods together with broadcaster and comic compere Simon Evans and literary judge Damian Dibben

    Locals as well as visitors get your pooches ready for a very different kind of fun

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  • Buzz of activity as care home residents turn children's champions

    Buzz of activity as care home residents turn children’s champions

    The Honeypot Children's Charity praises Colten Care's Woodpeckers home for their support


    Betty Hampton, left, a resident at Colten Care's Woodpeckers home in Brockenhurst, New Forest, with items she knitted in aid of the Honeypot Children's Charity. Joining her is Viv Carter, Honeypot’s Regional Community Fundraising Officer, and mascot Bumble. Woodpeckers nursing home in the New Forest has experienced a buzz of activity as residents raised hundreds of pounds to help young carers.

    The Honeypot Children’s Charity praised Colten Care’s home in Brockenhurst for making and selling craft items to support its work. Betty Hampton, who knitted a host of bee-inspired woollen gifts including glove and finger puppets, was among residents receiving a thank-you visit from Honeypot representatives including mascot Bumble.

    “Helping children who are carers is such a

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  • 2018 Lymington Italia Festival supporting local MS Society branch

    2018 Lymington Italia Festival supporting local MS Society branch

    Free event on 1st July 2018 will include Ferrari convoy, Italian market and live music

    Italia 2018 flyer Lymington’s FREE Italia Festival will be held on July 1st this year with all charitable proceeds going to the Lymington and New Forest branch of the Multiple Sclerosis Society.

    The Lymington and Pennington Town Council event is set to be bigger than ever in 2018, thanks to a huge wave of local support. For those who don’t know, it’s all about chic Italian motor cars, quality Italian food, a fun family day out and raising money for

    Read More
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Personal Tax Planning 2018-19

Review your tax affairs and take advantage of all available allowances.

NFTA hourglass on newspaperThe new tax year starts 6 April and brings a number of important changes, making it a good time to review your tax affairs to make sure that you are taking advantage of all available reliefs and allowances. This useful guide from New Forest Tax Accountants provides you with a few personal tax planning suggestions. As ever, your particular circumstances must be considered as further opportunities might be available to you.

Income Tax

For 2018-2019, the personal allowance has risen to £11,850. The level at which income tax is charged at the higher rate of 40% has been increased by £350.
The income limit of the personal allowance remains at £100,000; after which the personal allowance is gradually withdrawn by £1 for every £2 of income over £100,000.

The income tax basic rate remains at 20% of income, with the limit increased to £34,500. Earnings between £34,501 and £150,000 will pay the higher rate of 40% Income Tax (see table adjacent for proposed Scottish rate of income tax payable on non-savings and non-dividend income for those defined as Scottish taxpayers).

Where income exceeds £150,000 it is taxed at the additional rate of 45%. Income between £100,000 and £123,000 is taxed at 60% due to the gradual withdrawal of the personal allowance. The upper limit is £100,000 plus double the personal allowance as it is reduced by 2 for 1. If possible, individuals with income approaching these thresholds should consider ways of reducing their income to keep it below these levels.

Spouses and civil partners who cannot claim the married couples allowance can transfer some of their personal allowance to each other to save tax. The transfer is not available where either spouse/partner pays income tax at higher rates. The limit for 2018-19 has increased to £1,185.

High income child benefit charge

Where taxable income exceeds £50,000 (or that of a partner) and child benefit is being claimed, there is a clawback of the child benefit at the rate of 1% of the benefit for every £100 of income over £50,000. The financial benefit of claiming child benefit is lost entirely where individual taxable income reaches £60,000. Care should therefore be taken where possible to keep individual taxable income below £50,000 to avoid the clawback, see ‘Beat the Tax Band’ overleaf.

NFTA piggy bankDividend Tax

During 2018-2019, the first £2,000 of dividend income can be received tax-free. Dividends above this level will be taxed at the following rates based on the recipient’s highest rate of Income Tax: 7.5% (ordinary rate), 32.5% (upper rate) and 38.1% (additional rate). 

The £2,000 is a zero rate and NOT an exemption. In other words, even if you receive dividends of £2,000 or less, they still get added to your total earnings and could affect other elements, such as your child allowance and tax band.

 

Good news for Savings and Investments

Personal Savings Allowance (PSA) provides exemption of of savings income up to £1,000 (basic rate taxpayers) and up to £500 (higher rate taxpayers); PSA is not available to additional rate Income Tax payers. These benefits are in addition to the tax advantages offered from ISAs.

The amount that can be put into an Individual Savings Account (ISA) throughout the course of the year has been retained at £20,000. This provides an excellent tax planning opportunity for individual investors as ISAs represent an extremely tax efficient manner of withdrawing income, whether that be prior or during retirement, and can be used successfully alongside other investment vehicles such as pensions or investment accounts that are subject to Capital Gains Tax.

Where there are children aged 16 or over who would like to buy a home, funds could be gifted to to enable investment in a Help to Buy ISA, these are available for 4 years from autumn 2015 to assist first time buyers.

Main Residence Nil Rate Band

For the 2018-2019 tax year the Main Residence Nil Rate Allowance is £125,000. This, in addition to the Inheritance Tax Nil Rate Band of £325,000, could provide an overall individual inheritance nil rate band of £450,000 this year, rising to £500,000 in 2020. If married this could provide a £1,000,000 Nil Rate Band!

However, there are a number of restrictions and rules associated with this allowance, please contact us for more information.

Capital Gains Tax

The Capital Gains Tax (CGT) annual exempt amount has risen slightly to £11,700. If you have used up your allowance, consider deferring selling assets until the next tax year or transferring them to a partner who pays tax at a lower rate. Attractive income tax reliefs are also available for investments into Venture Capital Trusts, Seed Enterprise Investments Schemes and Enterprise Investment Schemes. Call us for more information.

tax return

 

Beat the Tax Band! 

  • Individuals with incomes near the £100,000 or £150,000 thresholds could reduce their taxable income below the threshold by making contributions to pensions or charities.
  • Consider transferring income yielding assets (e.g. private company shares) to your spouse or civil partner who may pay tax at a lower rate or pay no tax at all. Such transfers must be outright gifts without conditions.
  • Each child under 18 can have their own Junior ISA. Parents and grandparents can contribute up to £4,260 a year tax free for each child.
  • If you can vary your self-employed income, make sure that your 2018-19 income tax payments on account are not too high: better in your bank account than in that of HMRC!
  • Income can be reduced through maximising claims for certain tax reliefs or through making certain business investments. We can explain which claims and investments are available for this.
  • You may be able to transfer private company shares to use exemptions and rate bands of your spouse and other family members. Remember to consider Inheritance Tax (IHT).
  • Reduce Capital Gains Tax (CGT) charges from 28% to 18%. It may be possible to transfer assets to a spouse or civil partner.
  • Entrepreneurs Relief allows you to pay a reduced rate of CGT at 10% up to a lifetime limit of £10million capital gains. The rules are complex, call to discuss!
  • Small company owners (especially family-companies) should consider the way dividends are paid to ensure optimum use of the £2,000 dividend allowance.
  • An increasing number of employers allow employees to sacrifice a cash payment for approved share options, benefits in kind or pension contributions in lieu of salary.
  • The provision of a company car is now a highly taxed benefit and alternatives should be considered.

Key Dates for Tax Returns

Self Assessment Tax Return (SATR) (for 2017-18 tax year)

  • Paper version 31 October 2018
  • Online version 31 January 2019
  • To have unpaid tax of up to £3,000 collected through the 2019-20 PAYE code, SATR must be completed by 30 December 2018.

 

For further tax planning advice for the 2018-2019 tax year, contact New Forest Tax Accountants and organise a free initital consultation.

New Forest Tax Accountants

6 April 2018

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  • LYMINGTON.COM:
    NEWS, EVENTS AND LOCAL INFORMATION

    Lymington.com provides you with information about the town of Lymington and its surrounding area, including the New Forest National Park. Find here news, events, things to do and local information, including where to stay, where to eat and drink, as well as places to visit. The Lymington.com Directory provides a comprehensive guide to local businesses and organisations, with a search function enabling you find what you are seeking and a review function so that you can tell others what you think!

  • LYMINGTON:
    GEORGIAN MARKET TOWN AND FAMOUS YACHTING CENTRE

    Lymington is a pretty Georgian market town in the south of the New Forest. The town's sheltered position on the western bank of the beautiful Lymington river has made it an important settlement since the Iron Age. For many years Lymingtonians have made their living from the sea or the river - as boatbuilders, fishermen, sailors and in past centuries as salt workers and even smugglers! Today Lymington is an internationally famous yachting centre with a population of almost 17,500.

  • SAILING IN LYMINGTON:
    PERFECTLY LOCATED FOR THE BEST SAILING IN THE BRITISH ISLES

    It’s not surprising that Lymington is one of the “Best UK Coastal Towns in Which to Live”. Combined with accessible road and rail links north to London, west to Bournemouth and east to Southampton and beyond, as well as the car ferry service to Yarmouth, Isle of Wight, the town combines practicality with pleasure; the perfect work-life balance. There are many excellent schools and a wealth of local sports, clubs and leisure activities.

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