• 1 19th Open Art Exhibition at St Barbe in Lymington
  • 2 Homeopathy and Natural Health in Lymington and the New Forest
  • 3 Great places to eat out in Lymington and the New Forest
  • 4 Separation and the legal rights of grandparents to see grandchildren
  • 5 The mind body connection: Energetic Wisdom New Forest
  • 6 New General Manager at Careys Manor in the New Forest
  • 7 Focus on high street business success - Hassan Hicks Lymington
  • 8 Lime Wood celebrates International Women’s Day
  • 9 Oscar Pet Foods and Home Delivery Service New Forest
  • 10 Four international awards for SenSpa's natural beauty products
  • 19th Open Art Exhibition at St Barbe in Lymington

    19th Open Art Exhibition at St Barbe Museum & Art Gallery, Lymington

    Art by 105 talented artists chosen to be showcased in this exciting annual exhibition.

    Best Painting Davina Downes Welsh Hills in Winter 2019 The 19th Open Art Exhibition opens at St Barbe Museum and Art Gallery in Lymington this weekend, showcasing pieces by 105 talented, local artists. Last year the Open exhibition made a successful transition to the new gallery spaces and an online entry method. 

    Steve Marshall, Curator of the Open Exhibition said “This year there were 428 entries for the exhibition and since the overall quality was so high the judges had a very difficult time

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  • Homeopathy and Natural Health in Lymington and the New Forest

    Why I love my job: Homeopathy and Natural Health in Lymington and the New Forest

    The Natural Health Hub’s homeopath Sue Leach shares her passion for homeopathy and for complementary health

    Sue Leach of The Natural Health Hub in Lymington New Forest I have been a homeopath for 15 years and I am still, at times, blown away by its power. Sometimes someone comes for an appointment visibly, palpably looking and feeling a whole new person. A fresh spring in their step, new-found energy, full of positivity and plans, a huge smile on their face. I have experienced it myself. When my homeopath has given me a good remedy it has

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  • Great places to eat out in Lymington and the New Forest

    Great places for lunch or dinner in the New Forest

    We bring you the best in fine dining, cosy pubs, oriental delights, family friendly lunches and restaurants where your dog is welcome too!

    Looking for an excellent restaurant, cosy bistro, foodie pub or café where you can have a great meal out? We really are spoilt for choice in the New Forest, with a huge number of fantastic eateries offering a broad variety of gastronomic delights, with prices to suit all budgets. So, whether you are looking for fine dining for a special occasion, a family friendly treat, a good lunch

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  • Separation and the legal rights of grandparents to see grandchildren

    What are the legal rights of grandparents regarding their grandchildren?

    Lester Aldridge Solicitors Life Matters for Lymington.com readers - March 2019

    Nowadays grandparents are playing an ever increasing role in their grandchildren’s lives.  But what legal rights do grandparents have to see their grandchildren, particularly if mum and dad decide lester aldridge - separation and the rights of grandparents: Life Matters to separate?

    Free consultation with a Lester Aldridge family lawyer

    The latest in the Lester Aldridge Life Matters series, this article written by Rosemary Sharp, Partner with Lester Aldridge, offers some comfort and advice to an increasing number of grandparents who only want to do the best for their grandchildren at

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  • The mind body connection: Energetic Wisdom New Forest

    Energetic Wisdom: all things positive stem from a positive mind!

    The mind body connection - New Forest Soul Whisperer explains

    energetic wisdom tony mills1 600 Tony Mills calls himself a “Soul Whisperer”.

    When you meet him you soon learn why and what he means.

    If you often or just sometimes feel depressed...

    ...if you have niggling aches and pains wherever they are in your body...

    ... if like most of us from time to time you just have that feeling that things are not right with you, you don’t feel good about yourself and you’re somehow not dealing with things as you’d like, you don’t know why

    Read More
  • New General Manager at Careys Manor in the New Forest

    New General Manager appointed at Careys Manor in the New Forest

    Award-winning country house hotel and spa, with three excellent restaurants, welcomes new general manager.

    Careys Manor Hotel and SenSpa has welcomed a new general manager. Steve Woodrow, 44, has over 25 years’ experience in the hotel industry, having worked for premier 4* and 5* hotels both in the UK and abroad.

    Steve Woodrow General Manager Careys Manor Hotel New Forest Steve comes to Careys Manor from the Solent Hotel and Spa in Fareham, where he was general manager for five years, overseeing a 117-bedroom hotel, 13 meeting rooms, and a 1 rosette restaurant and bar and spa. Steve

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  • Focus on high street business success - Hassan Hicks Lymington

    Secrets to survival and success of a New Forest high street business

    Hassan Hicks optometrist and dispensing optician  Lymington

    Hassan Hicks exterior Lymington Hassan Hicks is a long established private business. It’s a family owned, traditional ophthalmic and dispensing optician and contact lens specialist which also markets fabulous top quality spectacles, and has always been based in Lymington. NHS sight tests and private eye examinations are carried out by fully qualified staff using the most modern equipment and a warm welcome is always extended to new patients.

    Business role model for success

    Unusually, this isn't intended as a promotional article! In fact because they

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  • Lime Wood celebrates International Women’s Day

    Lime Wood New Forest celebrates International Women’s Day

    Inspirational thoughts for individuals and organisations alike

    Social enterprise companies Belu Water, Rubies in the Rubble and From Babies with Love all led by women are striving to make a difference in a troubled world whilst also making healthy profits. They serve as fantastic examples of how businesses can lead the way in many directions.

    Lime Wood organised and hosted a superb evening for members of its Herb House Spa and other locals.

    Karen Lynch, Jenny Costa and Cecilia Crossley at Lime Wood on International Women's Day First there were fizz and delicious non alcoholic cocktails accompanied by delicious canapés, and lots of interesting chat as the

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  • Oscar Pet Foods and Home Delivery Service New Forest

    The waggy tails of the dogs who love OSCAR

    And of Clare who delivers OSCAR Pet Foods to your New Forest door

    oscar happy dogs springers boettger aero mum ruby daughter No more decisions to make about which brand to buy, no more heavy loads of pet foods to carry home. Buying Oscar makes life easier all round, as well as making healthy sense for your pet. 

    13 Years with OSCAR says it all!

    There have been four much loved Springer Spaniels in the Boettger Family over the last 13 years, and they’ve all dined happily on Oscar. As the latest in the lineage mum Aero and her daughter

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  • Four international awards for SenSpa's natural beauty products

    Four international awards for SenSpa's natural beauty products

    New Forest based SenSpa named Best Value Spa Brand, with three products winning categories. 

    Luxury New Forest brand SenSpa, part of the historic Careys Manor Hotel in Brockenhurst, was recognised at the Beauty Shortlist 2019 Awards, winning won four international awards for its natural beauty products and brand.

    SenSpa beauty products with four international awards 2019 The spa was named Best Value Spa Brand and won both the Best Body Butter and Best Scalp Care Shampoo categories. SenSpa’s Himalayan Bath Salts also won the Wellbeing Editor’s Choice category.

    Perfect to use after a long soak in the bath, the Relaxing Therapist Touch

    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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