• 1 Live life to the full with The Natural Health Hub
  • 2 Pannage in the New Forest
  • 3 Priestlands celebrates excellent GCSE results
  • 4 Life Matters for Lymington from Lester Aldridge - about Powers of Attorney
  • 5 Solent Music Festival 2018 in Lymington
  • 6 Celebrate National Burger Day with this great Beaulieu recipe!
  • 7 Local businesses at the 2018 New Forest Show
  • 8 Coastal Comedy Show September 2018
  • 9 The 2018 New Forest Dog Friendly Awards
  • 10 Colten Care to remove more than a million pieces of plastic each year
  • Live life to the full with The Natural Health Hub

    Want to live life to the full?

    An invitation from Sue Leach, founder of The Natural Health Hub in Lymington

    I opened The Natural Health Hub just over a year ago because I reckon life’s gone a bit bonkers! It’s too fast and full on, we work too many hours, we’re too wrapped up in our job lists, tied to our digital devices, and we’ve lost the ability to relax. So I created The Hub… a place in the centre of Lymington to come to to slow down and escape. People say they instantly relax when they step through the

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  • Pannage in the New Forest

    Pannage in the New Forest

    Watch out for piggies on the road this autumn!

    New Forest pannage every autumn pigs eating acorns - image by Steve Elson The pigs of the New Forest play a vital part in the eco-system. Every autumn, when the acorns, chestnuts and various other nuts have fallen from their trees, up to 600 domestic pigs (usually owned by commoners) are let out onto the New Forest National Park for up to 60 days, to clear away and eat the nuts. This is called ‘pannage' or ‘common of mast’, and it is important because many of the nuts are poisonous to other animals in the New Forest, such as

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  • Priestlands celebrates excellent GCSE results

    Priestlands celebrates excellent GCSE results!

    Congratulations to year 11 students at Lymington's Comprehensive School.

    There was much to celebrate at Priestlands School last week as students received their GCSE results. Despite the uncertainties of the new exams in many subjects, Priestlands students did very well. 

    English, Maths and Science sustained high performance whilst there were also record results in Business Studies, Computing Science, Geography, ICT, PE and strong performances in many other subjects. 

    Priestlands students celebrate GCSE results 2018 A third of all grades awarded were at 9-7 or A/A* and 74% students secured the new standard pass (4-9) in English ­and Maths, with 54% students secured the

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  • Life Matters for Lymington from Lester Aldridge - about Powers of Attorney

    Lasting Powers of Attorney demystified - and relevant to many of us

    Life Matters for Lymington with Paula from Lester Aldridge

    The second in our new monthly series on those niggling legal matters to which we should attend: t his month Paula Shea from Lester Aldridge de-mystifies Lasting Powers of Attorney,  in Plain English.   

    Following last month's "Importance of a Will", this helpful Q&A about Powers of Attorney sets the scene for the next important subject to consider if we want the people we love to benefit the most (and the taxman the least!) should something happen to us.

    lester aldridge corrected logo Life Matters Powers

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  • Solent Music Festival 2018 in Lymington

    Solent Music Festival Lymington 19-23 September 2018

    World class classical music performances live on our doorstep 

    Now in its sixth year the Solent Music Festival returns to Lymington from Wednesday 19th through to Sunday 23rd September.

    Pianist Sam Haywood, the festival’s Artistic solent music festival 2018 lymington 2 Director, says ‘I had dreamt of running a music festival for many years, of being able to put together programmes of my favourite works performed by the musicians I most admire. At the suggestion of a friend, Sophia and I came to Lymington and met with then Councillor Elizabeth Lewis, now the Festival’s president. Elizabeth advised that we

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  • Celebrate National Burger Day with this great Beaulieu recipe!

    Celebrate National Burger Day with this great Beaulieu Burger!

    Montagu Arms head chef shares recipe of the famous Monty's Burger

    Thursday 23 August is National Burger Day! 

    Matthew Tomkinson, head chef at the Montagu Arms Hotel in the heart of the New Forest, has shared with us the recipe of the famous Monty's Burger so that you can recreate it at home! Perfect for a Bank Holiday Weekend barbecue!

    Montys Burger by www.davidgriffen.co.uk for Great British Chefs 600x400 Of course you could save yourself the trouble and visit Monty's Inn to sample their fabulous burgers (and other food) for yourself! Find details of Monty's Inn here . And if fish

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  • Local businesses at the 2018 New Forest Show

    Local businesses on show at the 2018 New Forest Show

    Hot, hotter and huge crowds, for this year’s extreme weather show!

    new forest show 2018  ATKINSON 800 This year’s top spectator attractions were gigantic: in the main rings the amazing Ben Atkinson with his team of horses and brave stunt ridersand the Mounted Hunter games both enthralled and delighted the crowds.

    Fabulous Shire horses on show at the 2018 New Forest Show

    Meanwhile close to the Forestry Commission corner the Shire horses resplendently turned out enjoyed their own in hand classes, a spectacle in their own right allowing the public to get up really close to these magnificent creatures.

     

     

     

     

     

     

    Lots of interest

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  • Coastal Comedy Show September 2018

    Coastal Comedy in Lymington, with TV headliner Adam Bloom

    3 hilarious comedians at the Lymington Centre on 22 September, with Piddle Beer too!

    Adam Bloom was 18 months old when his parents nicknamed him The Voice, and when he was 10, he told them he was going to be a comedian. By the age of 23, he was. Adam has appeared on various stand-up and panel shows on TV, and has recorded three series of his own Radio 4 show, The Problem with Adam Bloom. coastal comedy sept18 adam bloom

    Ricky Gervais says: Adam Bloom has been one of his favourite comedians for ten years:

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  • 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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  • 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

    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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