• 1 Avoid a lonely winter with a short stay at a Colten home
  • 2 Christmas hits a high note at French bistro Le Blaireau
  • 3 Eating out at Christmas in Lymington and the New Forest 2018
  • 4 New Forest Business Partnership Brilliance in Business Awards 2018
  • 5 Lymington Tile Centre has a new home
  • 6 Cash for Christmas? Life Matters for Lymington from Lester Aldridge
  • 7 Shop for your Christmas gifts in the New Forest
  • 8 All set for a magical Christmas at Fairweather's
  • 9 Christmas gifts to employees
  • 10 10 good reasons to shop locally this Christmas
  • Avoid a lonely winter with a short stay at a Colten home

    Avoid a lonely winter with a short stay at a Colten home

    Sometimes a holiday is just what's needed, providing precious time to be "you" again.

    coltenc winter2018 4for3 christmas for web 01 600x400 With the colder months upon us it’s a great time to experience the warmth and care of a friendly, relaxing care home - whilst making new friends at what can be a lonely time of the year. Whether recovering from a spell in hospital, hoping for companionship and warmth over the winter months, or simply wanting to give your career (and yourself) a break, a short stay in one of Colten Care's homes could be just

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  • Christmas hits a high note at French bistro Le Blaireau

    Christmas hits a high note at French bistro Le Blaireau

    Life's a cabaret at New Forest French bistro and brasserie with musical Christmas parties!

    Le Blaireau French bistro at Careys Manor Hotel New Forest Life’s a cabaret at a French bistro and bar in the New Forest this Christmas, as Le Blaireau stages a series of marvellously musical Christmas parties.

    Set in the grounds of luxury country house hotel Carey’s Manor in Brockenhurst, Le Blaireau offers an authentic taste of France in the heart of the great British countryside. With a quirky interior based on the streets of Paris, Le Blaireau celebrates France in style – it even has a full-sized 2CV

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  • Eating out at Christmas in Lymington and the New Forest 2018

    Where to eat out in the New Forest this Christmas

    Local venues for gatherings with family and friends - plus winter walks to enjoy afterwards!

    It's a pleasure to eat out sometimes over the Christmas period - give the host and hostess a break and everybody a chance to have a really good chat while someone else does the cooking. Lots of our favourite New Forest restaurants and pubs have special festive special menus for Christmas suitable for all celebratory occasions with family or friends. And some of these restaurants and pubs are also in brilliant locations either with their own grounds to explore

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  • New Forest Business Partnership Brilliance in Business Awards 2018

    2018 Brilliance in Business Awards

    The excitement mounts for this year’s finalists in the  #nfbizawards

    The New Forest Business Partnership Brilliance in Business Awards winners will be announced at the annual awards evening on 6 December at Careys Manor nfbp brilliance in business awards 2018 Hotel in Brockenhurst.

    As Chairman Matthew Lawson explains: "NFBP aims to create an environment in the New Forest which offers opportunities for young people, poses an attractive option for business investment and delivers a culture in which indigenous businesses can thrive."

    It's all about doing everything we can to make the New Forest an ever better place for  businesses of all

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  • Lymington Tile Centre has a new home

    A vast range of beautiful tiles on your Lymington doorstep

    The Lymington Tile Centre has a new home!

    At The Lymington Tile Centre you will find ceramic, porcelain and stone tiles for walls and floors, paths and patios, from traditional to contemporary to ultra lymington tile centre new showroom nov18 600 modern, including exclusive ranges from top factories in Spain, Italy and the UK.

    Craig, Lee and the team now invite you to visit their brand new showroom and view beautiful tiles to enhance your interior and exterior design, give the wow factor and put the finishing touch to your home. 

    Call in this Saturday 1 December

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  • Cash for Christmas? Life Matters for Lymington from Lester Aldridge

    Cash for Christmas?

    Cash is a much appreciated gift which can also benefit your tax planning!

    In the build up to Christmas and for the next in our series of "Life Matters" articles, Paula Shea from Lester Aldridge proposes how giving cash as Paula from Lester Aldridge  proposes cash for Christmas  Christmas Presents could be a sensible tax planning option as well as a much appreciated gift which also saves on shopping time - especially if you're not feeling up to joining in the fray this year. Beautifully wrapped cash can even look very special too!

    Life Matters for Lymington, with Paula from Lester Aldridge

    "Following on from last month’s

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  • Shop for your Christmas gifts in the New Forest

    Shop for your Christmas gifts in the New Forest and Lymington.

    Let's support our local businesses this Christmas.

    Shopping locally is a good thing on so many counts - click here for 10 good reasons to shop locally !

    Lymington Late Night Shopping Evening 2018 by Steve Elson This time of year, when we tend to spend more than normal, is a great opportunity to boost the income of our local shops as well.  In any case who wants to spend ages queuing at city centre carparks and wading through the frenzied crowds, only to find nothing of interest in the so-called 'offers'?  

    As for online, well for certain things yes

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  • All set for a magical Christmas at Fairweather's

    All set for a magical Christmas at Fairweather's New Forest

    Find your Christmas tree (with exclusive £5 discount), decorations and gifts - plus enjoy tea with Santa! 

    Fairweathers voucher 2018 £5 off your real living and potted Christmas Tree!

    fairweathers christmas trees

    Fairweather's Garden Centre in Beaulieu is all set for Christmas 2018! UK grown Christmas Trees will be available to buy from Friday 23 November - and if your tree is too big to take home yourself, Fairweather's offer FREE local delivery. PLUS enjoy an exclusive £5 OFF any real living and potted Christmas tree’s with this voucher - valid until 4 December 2018: download here !

    Decorations and gifts

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  • Christmas gifts to employees

    Christmas gifts to employees

    Remember to consider the tax implications of any gifts to staff or clients this festive season

    With the New Forest High Streets sparkling with enticing gifts for the festive season, here's the lowdown on Christmas gifts for staff and customers from a tax perspective by New Forest Tax Accountants.

    xmas present 600x400 Gifts to Staff

    Christmas presents paid in cash to employees will always be taxable along with other earnings. The same treatment also extends to vouchers that can be spent in either one or a number of different shops of the employee's choice. The employee has to pay

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  • 10 good reasons to shop locally this Christmas

    10 good reasons to shop locally this Christmas.

    Support your local, independent shops and businesses in Lymington and New Forest.

    Christmas in Quay Street Lymington

    Many of us dread this time of year. Unless you're the most organised person on earth and have done your Christmas shopping by Halloween, the sudden realisation that we are only a few weeks from Christmas Day can send us into a flat spin.

    Luckily we live in an area with many independent businesses and shops and it is easy to find local gifts - especially if you think out of the box a little.

    Listed below are 10 good reasons

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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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