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OPEN for Business YearMATTERS End MONEY
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Tax Planning
he current tax year will end of 5 April 2020, so now is the time to ensure that you have made best use of tax allowances and exemptions. Most allowances cannot be carried forward to the next tax year (although a new allowance will often become available), so they will be lost if they are not used. If you have investments which you can sell at a profit, you can realise capital gains of up to the current annual exemption of £12,000 without paying tax. Alternatively, if you have loss-making investments you could sell the holdings to crystallise those losses which can then be carried forward and offset against gains in future years. The ISA limit for the current tax year is £20,000 per person. Holding investments in an ISA means that income and capital gains are not subject to tax, so it is advantageous to make these investments as soon as possible after the start of the tax year to maximise the tax savings. You can also contribute up to the full amount of your net relevant earnings into a personal pension, subject to an Annual Allowance of £40,000. Higher earners may have this annual limit restricted so that a lower amount qualifies for tax relief. Investments in a pension are not subject to income tax or capital gains tax, and there can also be inheritance tax benefits. And finally, the new tax year provides an opportunity to make a tax return resolution. If you are one of the five million taxpayers who leave filing their tax return until January each year, trying to complete this earlier gives many benefits; any refund is paid to you sooner, you have plenty of time to budget for a tax liability and, perhaps most importantly, you avoid the stress of the last minute rush to avoid a late filing penalty.
This is only general advice and should not be relied upon; for specific advice tailored to your personal circumstances please contact: Lee Keeling at Andrews and Palmer, The Square, Gillingham, SP8 4AR Tel: 01747 823147 andpal.co.uk Lee@andpal.co.uk
C H A R T E R E D A C C O U N TA N T S
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Jackson Stops open new estate agents office in Sherborne, Dorset. Mill on the Brue recently won Bronze for Active and Sporting and Gold for Ethical, Responsible & Sustainable Tourism at the South West Tourism Awards Congratulations to Dorset Cowshed who came runners up in the Baby Friendly Boltholes top ten rated properties of 2019. Local store FlyJesse now stock the amazing Kit and Kin in their shop in Sherborne. Renasci Design is a fab new store in Overton, Hampshire offering a bespoke collection of hand painted furniture and home decor. Go check them out!
Coming Soon
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he team at “Teal’s” have broken ground on the site of the A303's first electric car-charging, singleuse plastic free, celebration of Somerset goodness. Comprising kitchen, food market, kid’s area and lifestyle store and conveniently located at the North/South Cadbury junction on the A303, this exciting new venture promises to gather the very best of Somerset and the wider west country under one roof. Opening in late Summer 2020, Teal’s will connect local communities to local producers, and be a vibrant new canvas on which to share the region with those passing through. Founders Nick and Ash Sinfield “We’re hugely excited to be bringing this new store to North Cadbury, it gives us a great platform on which to celebrate the abundance of brilliant local producers and makers, offer nearby towns and villages an alternative to supermarkets and in doing so make a meaningful contribution to the rural economy."
Fantastic Cotton Fox
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ike many mumpreneurs, the beginnings of Cotton Fox Prints started to form whilst on maternity leave. After having her second son, Ros Moreton returned to work on a part-time basis but started to use her design degree (obtained some 10 years previously) on her days off, whilst her baby napped. Ros says: “I can’t believe I made it work. I screen printed all the fabric at home and would have to get a print run done in a one to two-hour window, never sure when my son would wake up.” Now full-time, Somerset kids brand Cotton Fox Prints continues to create colourful cushions, toy storage baskets and fun wall decorations from fabric Ros has designed herself. Also, in order to keep up with demand, Ros moved to get her designs digitally printed, which allows her to sketch more complex illustrations and her supplier uses eco-friendly print on premium cotton. “Moving to digital print has been fantastic for me. It means I can explore so many more colour and pattern options and offer customers a bespoke and personalised service.” comments Ros. Based in Taunton, Ros is currently working on her baby safe toys in time for Easter. With a lot of interest already it seems bunnies might be her new bestseller. To find out more about custom orders visit cottonfoxprints.co.uk
