18 minute read
RUMSEY OF SANDBANKS
Capital Allowances; Good business practice or fat cat tax dodge?
It’s a constant argument and theme on the news-tax avoidance is legal and even promoted by the government and everybody else- your personal allowances for income tax, capital gains tax and your ISA are all ways of avoiding tax and to be encouraged. Accepting cash for something and not declaring it is illegal whether it’s £50 or £1m hidden in an o shore account. When multinational businesses move their profits artificially to a low or no tax country it may not be illegal but is it ethical? A properly run holiday home is a business contributing to the economy and so you should be equally business like about claiming tax allowances. Something that can be missed are capital allowances for plant and machinery in your holiday home which can significantly reduce your tax burden. One of the things driving the popularity of holiday lets in recent years has been the low interest rate environment and the concept of ‘My holiday home is my pension’. A key part of this is the approach of losses incurred in renovating the property or running with a large mortgage in early years being carried forward to use against profits at a later date.
Capital allowances are available of course on items bought such as furniture and fittings but there is a more complex area related to items that are built into the property and were acquired with it. Now before I go any further let me make it clear that I am not an EVERYTHING FOR THE HOLIDAY HOME OWNER accountant or tax advisor, I may not be up to date on latest legislation or even correct IN SANDBANKS & SURROUNDING AREAS about any aspect of the rules, all I’m able Shopfront on the Peninsula | Sophisticated Digital Marketing to do is to collate relevant information for Cleaning, Linen & Changeovers | Maintenance & Renovations | Concierge Servicesholiday home owners and try to present it in an easy to understand fashion. You should 24 Hour Emergency Callout | No Restrictions on Owner Bookings consult with a properly qualified person if Let us take care of all the work so you can enjoy your holiday home and take advantage you want to investigate further. of the significant tax benefits of running it as a furnished holiday let business. How would this work in practice? The term ‘P & M’ standing for plant and If you’re in the process of buying a holiday machinery is often used to describe this home or already own one the allowance sort of allowance and this is a good way of can be taken at 100% so a £1m house could thinking about it. If you buy a factory then generate a capital allowance of £250k a proportion of the purchase price relates which would be o set against future profit to machinery, electrics, plumbing and saving £100k for a higher rate taxpayer. everything else that went into turning the Retrospective claims for tax paid in the property from an empty industrial unit into a previous two tax years may be possible. working production centre. For a holiday let SERVICED LETS FROM RUMSEY OF SANDBANKSLosses can only be used against future the kitchen, bathrooms, plumbing, electrics and heating could all be categorised as ‘P The perfect solution for temporary accommodation from a weekend to 5 months income from holiday letting and not against any other earnings. As I’ve already said & M’ and either written down completely No minimum period rentals | Broadband and maintenance includedthis is a complex area requiring specialist under annual investment allowance rules or Regular cleaning and linen change services available | Fully furnished and equipped advice but there’s no doubt that it may be as a reducing balance over time. well worth exploring. Rumsey of Sandbanks will tailor the experience to suit your exact needs so you can get on What proportion of a property is with the rest of your life and we can turn an awkward stop gap into a great and memorable experience. allowable? There isn’t a hard and fast rule, in theory it is www.rumseyofsandbanks.co.uk 01202 707357 the proportion of cost of the original build that relates to the capital items which will office@rumseyofsandbanks.co.uk clearly vary. In a luxury villa with swimming pool and air conditioning in a country where land is cheap, plant & machinery could Simon Tolson owns Rumsey of Sandbanks, Rumseys A4 A4 NOV 2019.indd 1 easily be more than 50% of the value but 22/11/2019 13:03a holiday letting agency. Contact Simon on for a typical Sandbanks home something 01202 707357. in the 20% - 30% range is probably simon@rumseyofsandbanks.co.uk realistic and unlikely to be challenged by the Revenue. www.rumseyofsandbanks.co.uk
DIVORCE Alternatives to Court
Divorce can be a very troubling time for couples and families, especially when the case is brought into the court system. Many undergoing a separation process may not be aware of the alternatives available to those seeking to end their marriage. Mediation, Arbitration and Collaborative Law are highly eff ective, amicable methods of solving various family disputes without taking the matter into legal proceedings. Mediation in particular has been increasing in popularity, with couples encouraged to take this route before submitting an application to court. Pauline Ellis, Accredited Mediator and Senior Associate Solicitor at Dutton Gregory, talks through the benefi ts of these alternative procedures and how they work.
Can you describe each of these marriage resolution processes?
Mediation is often a quicker, less stressful alternative to court proceedings and is completely voluntary. An accredited, neutral Mediator helps both parties to reach an agreement on fi nancial aff airs, arrangements for children and any other confl icts that may arise. The Mediator does not impose a solution, but ensures that any settlement is approved by both sides. If there are any specifi c issues that the couple cannot resolve, an Arbitrator can examine the facts of the case before them and then make a decision. This decision is binding for both parties, and they must both respect the outcome. Collaborative Law is a relatively new form of resolution, and is eff ectively a round-table meeting with both parties and their solicitors present. This method allows couples to negotiate and receive advice at the same time, and is often much quicker than the court process.
What are the first steps for a couple looking to end their relationship via mediation?
In terms of mediation, the fi rst thing that couples need to do is get in touch with an Accredited Mediator to conduct a Mediation Information Assessment Meeting with each of the parties individually and assessing whether or not the case is suitable for mediation. If the parties wished to participate in mediation, they would then have a series of joint sessions with each other and the Mediator, which can be done face-to-face or virtually. Many couples have recently been opting for the virtual option as it cuts down the time that they have to take off work to attend the sessions.
What are the major benefits of these family law options?
It’s better for all parties involved to keep proceedings away from court, whatever the method of resolution that they opt for. It allows each person to have their voice heard, and to reach a settlement that they have deliberated between themselves.If the case goes to court and reaches a fi nal hearing, the decision is taken out of the hands of the couple, as the judge has the fi nal word. When a judge is reaching a decision, they look purely at the facts and fi gures involved, including the income needs of each party, their respective ages and whether there are any children, and then decide on the fi nal outcome. These alternative routes off er a chance for the couple to make such decisions for themselves in a cost effi cient, amicable manner. To learn more about these marriage resolution methods, visit duttongregory.co.uk or call 01202 315005 to speak with a member of the team.
LIFE ISN’T ALWAYS PLAIN SAILING
We’re here to help you navigate in the right direction contact@duttongregory.co.uk 01202 315005
The Shade and Shutter SpecialistsThe Shade and Shutter Company The Shade and Shutter Specialists
BLIND COMPANY
20% OFF Garden Awnings Transform your garden this Create shelter from the rain & sunshine with a stylish awning Enjoy the shade in your outdoor space with one of our high-quality awnings. Made to measure and fully tted with the option of an electronic open and close function. 20% OFF Garden Awnings Transform your garden this Made to measure & fully fitted with the option Made to measure & fully fitted with the option of an electronic open and close function of an electronic open and close function
Plantation Shutters 3. Wide Variety of Materials The variety of materials that blinds come in allows The ultimate window covering for privacy, light and temperature control. you to choose the blind that is most suitable for you Choose from our wide range of styles, colours and premium materials. in terms of both price and style. For example, if your living room contains wooden furniture, you can complement the room by installing wooden blinds. However, if you find wooden blinds too expensive, you can opt for faux wood instead to keep the costs down. You then have plastic blinds, bamboo blinds, aluminium blinds, and other materials to choose from to ensure that you can always find the right blinds for any room in your home. Don't miss out...4. Enjoy Complete Privacy Blinds provide you with a level of privacy that on fantastic you cannot get from many other options such as curtains. For the ultimate in privacy control, consider installing top-down shades. Using these, Shutter deals you can lower the shade from the top so that the natural light can come in, but you can still enjoy as much privacy as you require. available NOW 5. Easy to Maintain Finally, one of the best things about window blinds is that they are typically very easy to maintain. In *From £195 per square metre The Shade and Shutter Specialists fact, many blinds simply require a quick wipe with
better choiceInstalling window blinds is one of the easiest and most effective ways to instantly change the appearance of a room in your home. a damp cloth from time to time to remove the dust. Compare this to curtains, which need to be washed every once in a while, and blinds start to look like the most convenient option. In addition, they are also long lasting, especially blinds made from wood or aluminium, meaning you won’t have to replace them until you decide you are ready for a change.Bring style into your home
Find the Perfect Blinds for Your Homewith Plantation Shutters
Whatever style you have in mind for the rooms in your home, consider installing window blinds. Not The ultimate window covering for only can they become a unique feature of the room, privacy, light and temperature control. but they also don’t have to cost the earth. In fact, they can often be cheaper to buy and install than Choose from our wide range of styles, colours curtains, especially if you choose an option like and premium materials. faux wood instead of real wood. So have a look online or in the store next time you go shopping and try to find the perfect window blinds for your home. We offer a comprehensive made to measure and fitting service for ease of mind or you can choose the self fit option. Whichever service you partake of, you can be assured that your blinds will be custom made to meet your requirements, that you will be kept up to date, and that you will receive an excellent service.
Plantation Shutters The ultimate window covering for privacy, light and temperature control. Choose from our wide range of styles, colours and premium materials. WINTER Fantastic SAVINGS! Call to book your in home consultation Don't miss out...
on fantastic Shutter deals available NOW
*From £195 per square metre
Transform your garden this Summer 20% OFF
Garden Awnings
Made to measure & fully fitted with the option of an electronic open and close function
Residential or commercial, internal and external, Insignia Blinds has it all Visit our showroom and see our extensive range of premium, made-to-measure awnings, shutters and blinds all at affordable prices, or call us today to arrange a free no obligation survey and quote. Plantation Shutters The ultimate window covering for privacy, light and temperature control. Choose from our wide range of styles, colours and premium materials. Residential or commercial, internal and external, Insignia Blinds has it all Visit our showroom and see our extensive range of premium, made-to-measure awnings, shutters and blinds all at affordable prices, or call us today to arrange a free no obligation survey and quote. Residential or commercial internal and external blind and awning specialists, Insignia has all the answers! Visit our showroom and see our extensive range of made to measure internal and external blinds, awnings and shutters at a ordable prices, or call us today to arrange a free no obligation survey and quote.
Pop by our Showroom or call us today to arrange a visit to your home or business to measure & quote! FREE Insignia, 1-7 Ashley Road, Poole, Dorset BH14 9BS Opposite Homebase and John Lewis at Redlands Retail Park Open Monday - Friday 9.30am - 5.00pm and Saturday 9.30am - 3.00pm Telephone 01202 741671 www.insigniablinds.co.uk Open Monday - Friday 9.30am - 5.30pm and Saturday 9.30am - 4.30pm Don't miss out... on fantastic Shutter deals Insignia Blinds 7 Ashley Road, Branksome, Dorset BH14 9BS Open 9.30am - 5.30pm Monday - Friday and 9.30am - 2.30 pm Saturday available NOW
Multishade • Pleated • Perfect Fit • Blackout • Conservatory • Awnings is proud to be in its 18th year of business
HALF PRICE AWNING SALE Don’t miss out!... Get them early for Summer at half price
Insignia Blinds, 1-7 Ashley Road, Branksome, Dorset BH14 9BS Telephone 01202 741671 www.insigniablinds.co.uk Open Monday - Friday 9.30am - 5.30pm and Saturday 9.30am - 4.30pm
Poulner | 01202 829777
Guide Price £1,950,000
An elegant and well proportioned country house with potential to extend (STPP), offering stunning views, and footpath access onto open forest via thousands of acres of open heath and moorland. Positioned on the outskirts of the expanding market town of Ringwood within the New Forest National Park boundaries and its abundance of facilities. Fast and easy commuter links to Bournemouth, Southampton, Salisbury, Winchester and London are provided by the A31 and M27/M3.
Total plot approximately 3.8 acres | Superb kitchen/breakfast room | Five bedrooms | Potential to extend (STPP) | Quadruple garaging | EPC D
Wimborne | 01202 842842
Guide Price £1,900,000
This delightful character home sits in secluded grounds of approximately 1.2 acres just a short drive from Wimborne, Poole and Bournemouth. The property has been extensively refurbished during the current ownership and offers beautifully presented, spacious and versatile accommodation.
Charming character home | Grounds of approx. 1.2 acres | four bedrooms | Kitchen/dining room | Two further receptions | Bathroom, shower room and tow ensuites | Separate 1 bedroom annexe | Swimming pool and pool house | Four car garage and off road parking | EPC D
Showcase your property in London with our Award Winning Marketing
This stunning barn conversion is quietly located in the heart of the Dorset countryside along a private access road. Offering spacious, light and versatile accommodation this delightful home is immaculately presented throughout and set within beautifully landscaped grounds with double garage.
Stunning barn conversion | Four bedrooms | Three ensuites and family bathroom | Kitchen/breakfast room and utility | Large lounge and separate dining room | Double garage and outbuilding | Outdoor office/studio | Beautifully landscaped grounds | Private and quiet location | EPC D
Wimborne | 01202 829777 From £530,000
COMING SOON - Stanborough Construction is delighted to present Woodcutter Close, a small exclusive new development of nine detached homes with either three or four bedrooms situated in a private cul-de-sac off Ringwood Road, within the village of Three Legged Cross in East Dorset. Choice of kitchen, bathrooms and flooring subject to terms and conditions.
High specification | Renowned family generational developer | Luxurious interiors | 10 year premier guarantee | Traditional UPVC sash style windows | Security alarm | Engineered oak internal doors | Fantastic attention to detail | EPC – TBC
Lower Parkstone | 01202 744944 £525,000
This beautiful on trend three bedroom detached family home is situated in the Courthill and Baden Powell school catchment. The property has a fabulous kitchen-dining-family room with bi-fold doors to the rear garden. Viewing is highly recommended. This perfect family home has been remodelled and extended by the current vendors.
Detached house | Courthill & Baden Powell school catchment | Extended, open plan kitchen / dining / family room | Bi-fold doors | Detached garden cabin | Contemporary bathroom | South facing garden with cabin | Off road parking | EPC E
Corfe Mullen | 01202 842842 Guide Price £500,000
This semi-detached family home is located in popular Corfe Mullen with local amenities nearby and within catchment for well regarded schools. Accommodation is arranged over three floors and includes four bedrooms, three receptions, kitchen and utility. No forward chain.
Four bedrooms | Three receptions | Kitchen and utility | Family bathroom and cloakroom | Private rear garden | Well regarded school catchment | No forward chain | EPC D
Ferndown | 01202 855595 Guide Price £495,000
Edwards are delighted to bring to the market this well presented, detached four bedroom property in a popular residential location close to local schools, shops and amenities. The property benefits from spacious, well-proportioned living accommodation with a garden & garage.
Detached four bedroom house | Presented in good condition throughout | Popular residential location | Spacious light & bright living room | Garden & Single Garage | Close to schools, shops & amenities | Brand new boiler | EPC D
Poole | 01202 744944 £465,000
Three bedroom detached family home offering bright and spacious accommodation throughout, located within walking distance to the local shops & amenities and bus routes on Ashley Road. The property has been tastefully renovated throughout by it’s current owner and comprises, a large lounge/dining room that leads through to a modern, luxury, fully fitted kitchen with integrated appliances, a downstairs WC.
Immaculately presented family home | Large open plan lounge/diner stretching from front to back of the house | Luxury fitted kitchen with integrated appliances | Downstairs cloakroom | Three bedrooms | Contemporary family bathroom | EPC D
Ferndown | 01202 855595 Guide Price £450,000
A delightful detached bungalow situated in a popular location close to local shops, schools & amenities. 3 bedrooms, main bedroom with ensuite shower room, kitchen/breakfast room with separate utility, Generous, westerly facing rear garden approx. 90ft x 35ft. Integral garage & parking. No forward Chain.
3 Bedroom detached bungalow | Light & bright living room overlooking the garden | Kitchen/breakfast room | Separate utility room | Generous sized westerly facing rear garden approx. 90ft x 35ft | Integral garage & driveway parking | EPC D
