27th September 2019 - Legal Matters

24 · Friday 27th September 2019

news@adt.press · advertising@adt.press · 01425 613384

Simpkins &Co Solicitors

Scott Bailey

Who wants to give the taxman more? PAYInG more tax than you need to is not generally a popular ap- proach. With some careful ad- vance planning you can minimise your tax liability by maximising your reliefs and exemptions. Our in-house tax specialist Shona Cox can guide you through the tax maze and give you pointers to the steps you can take to save your hard-earned wealth from going to the taxman. Here are some questions you need Capital Gains Tax Did you utilise your annual Capital Gains Tax exemption of £11,700 for 2018/19? This increas- es to £12,000 for 2019/20. It can- not be carried forward. Planning such things as spousal transfers can help ensure that annual ex- emptions and basic rate tax bands are utilised to minimise the overall CGT liability. If you have sustained any losses - such as shares that have become worthless - that can be set off against other capital gains or carried forward and used against future gains.

Pension contributions have you maximised your pen- sion contribution? You can invest up to £2,880 net into a pension even if you do not have any rele- vant earnings. This can be a great way for parents to save for their children. Allowances have you used your and your spouse’s personal allowances and lower rate bands in full? A transfer of assets between spouses and civ- il partners is tax-free and can help reduce the overall tax burden by making the most of the available allowances and bands. Most allow- ances are annual so if they are not used in the current tax year, they are lost. High income Child Benefit charge have you been caught in the trap, as so many have, following the introduction of this tax in 2013? The limit was set at £50,000 and that limit has not been increased since. More and more people are being caught out by this. It makes sense to review your position now to see whether you are able to take advantage of any of the exemptions available. For many people, organising their paperwork can seem a daunting prospect. Shona Cox, a certified ac- countant at Scott Bailey, has a vast wealth of experience in advising on tax issues. You can speak to Shona on 01590 676933 or email her at shona@scottbailey.co.uk. Shona can help you try and save on your tax bill and put systems in place to help make sure that you can get your next tax return in on time.

to ask yourself Inheritance Tax

have you made a will and if so is your current will valid and up- to-date? Marriage, divorce and significant changes in your assets should all prompt a review to en- sure that it continues to meet your wishes for your family’s future. There are several useful IhT ex- emptions such as gifts between spouses or gifts of surplus income on a regular basis, subject to cer- tain conditions being met. The most recent statistics from hMRC show that in 2018 receipts from Inheritance Tax hit a record high of £5.2 billion. That was a rise of £400 million on the previous year and a rise of over £1 billion since 2014/15. It is estimated that this could go up another billion in the near future. If you would like to review your will then Richard Wadsworth or Deborah Sandys are here to help. They work closely with Shona Cox to provide you with a seamless, joined up approach to managing your affairs both in life and after you have gone. Contact Richard or Deborah by telephone on 01590 676933 or email law@scottbailey. co.uk

A transfer of assets between spouses and civil partners is tax-free

Savings have you used your ISA allow- ance for the last tax year? ISA contributions only apply to one tax year and cannot be carried forward if not used. The allowance remains at £20,000 for the 2019/20 tax year. You can invest £4,368 in a junior ISA for 2019/20 for children who do not have a child trust fund. Anyone can invest in a junior ISA (not just parents) on behalf of a child.

Are you worried about approaching a legal firm to make a claim? If you’ve been injured through no fault of your own or you’ve received any kind of negligent medical treatment, it is likely that you’ll be upset, emotional and distressed. At this time, you will want to know what to expect and where to start. At Simpkins & Co we specialise in these types of claims and have a huge amount of experience. We pride ourselves on being friendly, approachable and compassionate. We will arrange a free in-person consultation with you to discuss your case further. If it would be more convenient for us to meet you at home or even in hospital, we are happy to arrange this. We understand that you need to feel we are the right firm to han- dle your claim; you can expect us to provide you with all the informa- tion you need to make an informed decision. We aim to bring a sense of clarity and we welcome any and all questions you may have. Are you worried that we will pressurise you into making a claim? You will never be pressurised to proceed with a claim. All enquir- ies are strictly confidential and if you choose not to proceed, there is absolutely no obligation to go ahead with a claim. You have 3 years from the date of the acci- dent or from the date you were aware of the clinical negligence, in order to make a claim. It’s always best to make a claim as soon as is

Are you worried about making a personal injury or clinical negligence compensation claim because it will cost too much? When making a personal injury or clinical negligence claim, some firms will ask you to pay legal costs upfront. At Simpkins & Co this is not the case. We will discuss the

practicable, but at the very latest, 3 months before the 3rd anniver- sary of the incident. You may want to take time to consider all the in- formation before going ahead (as long as you instruct us to proceed within the above timescales). Mak- ing a personal injury or clinical neg- ligence claim can be a long process and in some serious complex cas- es, it may be difficult to estimate a timescale, but this will all be ex- plained fully to you. We are experts in these matters, and we will guide you through every step. Are you worried that it won’t be worth making a claim? When you instruct us to make a personal injury or clinical negli- gence compensation claim on your behalf, this is not just a claim for your financial losses and pain and suffering. The claim may involve any ongoing future financial loss- es, potential pension losses, reha- bilitation, ongoing treatment, care assessments etc. After suffering a potentially life changing incident, the effects on someone’s everyday life and their family’s lives can be far reaching. We have the experi- ence and know how to fully assess a claim and ensure you receive the proper recompense. At Simpkins & Co Solicitors we areaccreditedby the LawSociety Personal Injury Panel and by the Association of Personal Injury Lawyers (APIL). Call our Highcliffe office on 01425 275555 for a free consultation or email info@simpkinsand.co.uk.

various funding options open to you and depending on your issue, you may find that we are able to offer you a ‘no win, no fee’ agree- ment. This is where the legal costs are paid by the Defendants or their insurance company. Alternative- ly, you could be covered for legal expenses on your home insurance, car insurance or travel insurance policies.

Our teamof dedicated specialists are committed to providing straightforward and practical advice to help you find a clear way forward.

scottbailey.co.uk 01590 676933

63High Street, Lymington SO41 9ZT

We’ll help you see the wood for the trees


Made with FlippingBook Learn more on our blog