Local charities submit plans for new hospital and innovation quarter

Local charities Talbot Village Trust and Nuffield Health have submitted a formal planning application to Bournemouth, Christchurch and Poole (BCP) Council for the Talbot Innovation Quarter. The application, which seeks approval to develop land south of the Wallisdown Road, includes plans for a new Nuffield Health Hospital.

The submission comes following extensive public consultation and as urgent healthcare needs in the community continue to rise.

The Innovation Quarter is reflective of the approved Poole Local Plan and promises to deliver economic growth, including creating an additional 1,370 jobs across Dorset, representing £48m per annum in earnings for local people.

Nick Ashley Cooper, Chairman of Talbot Village Trust commented: “The Innovation Quarter is a once in a generation opportunity to create a positive transformational impact for BCP and the region.

“The aim is to support the two Universities and provide improved prospects for young people and families to live, work and contribute to the BCP area. The proposals, developed in collaboration with a wide range of stakeholders, are aligned with BCP Council and Dorset LEP’s economic strategy.

“Crucially, we are committed to do this whilst enabling people to live well, enhancing the environment, achieving biodiversity net gain, and ensuring that the Talbot Heath is fully protected for future generations.”

It is hoped that the Innovation Quarter will help to generate high-quality jobs with full time median earnings estimated to be 34% above the Dorset LEP area average. Overall, studies suggest that the development could create a boost to the local economy in the region of £97M Gross Value Added (GVA) per annum.

www.talbotvillagetrust.org

Approval of the scheme would create over 1,300 jobs and boost the local economy by almost £100M

FOCUS ON accountancy

with PKF Francis Clark

It’s time for pre-tax year end planning

Now the Christmas tree is back in the loft, it’s time to think about the year ahead – and perhaps consider some pre-tax year end planning.

For business owners, the age-old question of ‘should I take a bonus or dividend?’ is likely to arise. Unfortunately, the answer is it depends.

Generally speaking, dividends are currently more tax efficient than bonuses. But after April 5, if your company pays Corporation Tax at the 25% rate and the amount you wish to take from the company falls entirely into the additional rate tax band (currently over £150,000, reducing to £125,140 after April 5), there is very little difference tax wise between a bonus and a dividend. In these circumstances, the overall effective tax rates for a dividend and bonus are 51% and 53% respectively in the current tax year, and 55% for both thereafter.

For those who don’t pay employee’s National Insurance, a bonus will be better after April 5, as the NI saving tips the balance. However, whilst the tax position is important, there are other considerations such as cashflow.

Tax on bonuses is deducted at source, whereas tax on dividends is collected via a self-assessment tax return. Therefore, if a dividend is paid at the end of March 2023, the tax is payable by the end of January 2024. However, HMRC will assume that your tax liability will be the same as the current tax year and calculate payments on account accordingly. It is, though, possible to reduce these if income levels are likely to fall.

If you have taken dividends of between £125,140 and £150,000 in the current tax year, topping them up to £150,000 before April could help you keep below the £125,140 threshold next year. The tax saving may just help towards next Christmas. Faye Howard Private client tax partner, PKF Francis Clark faye.howard@pkf-francisclark.co.uk 01202 663732 www.pkf-francisclark.co.uk