Countybusiness
Business awards set to return Read on for 6 pages of business
news and information
This year’s Monmouthshire Business Awards are set to be launched on March 1 at an event at The Angel Hotel, Abergavenny. The categories for the awards, which
are being supported by Monmouthshire County Council, are Most Promising Start Up; Best Food Tourism Business; Training and Excellence in People Development; Excellence in Retailing; Excellence in Marketing; Innovation in Business; Best Social Enterprise; Young Entrepreneur 18 – 24; Company demonstrating Sustained
Growth; Excellence in Environmental & Sustainability; Diversity in Farming and Company of the Year. Sponsors include Wynndel Property
Management, RDP, Parker and Co Accountants, Mabey Bridge, Finance Wales and University of Wales, Newport. The MBAs are also being supported
and assited by Business Wales, a business development service set up by the Welsh Assembly. To enter the awards, go to www.
monbizawards.co.uk Landlords beware
In the present climate the rental market is strong, with low interest rates and low property prices there are more landlords than ever. However, there are tax consequences which need to be considered. Income tax is payable on the rent due
during a tax year. The rate if income tax is determined by the level of any other income earned so could be at 20 per cent, 40 per cent or even 50 per cent. Deposits received are not taxable as long as they are repayable to the tenant. If the deposit is retained for damages then the deposit becomes a taxable receipt. There are certain allowable expenses
that can be deducted from the rental income and some that are disallowable. Allowable expenses include: mortgage
interest, agents fees, insurance and repairs. Disallowable expenses include: capital
expenditure, repayment of loan capital, personal expenses.
This is non exhaustive and it is
recommended that professional advice is taken to ascertain whether tax relief is available. HMRC have recently included the
rental market in one of their task forces. Thousands of landlords have neglected to declare their income so it is now more crucial than ever to seek advice. Capital gains tax will also be payable
on sale of the property if a ‘gain’ is made. The gain is the proceeds that you receive from the sale less the price that you pay for it. You will also be able to deduct any fees associated with the sale. The amount of tax you pay will again be determined by the level of other income and could be at 18 per cent or 28 per cent. UHY Peacheys has vast experience in
dealing with landlords. If you require any advice please call Elliott Buss, Tax Manager on 01633213318 or email
e.buss@uhy-peacheys.com
Dream comes true for fishermen
A new angling shop in Magor has opened after two local fishermen decided to follow their dreams. Christian Johnson and Kevin Donovan, both
from Llanmartin, are the duo behind the venture, in Magor Square. Both lifetime fishermen, Christian and Kevin have more than 60 years of fishing experience. Kevin has fished the South Wales coastline
for four decades and is a keen boat angler, regularly heading out on his 20ft Dory fishing for cod, bass, hounds and rays. Christian has been fishing since he was old enough to ride a push-bike to the Sea Wall and is a regular beach fisherman. He has also travelled
as far afield as Namibia after sharks and Thailand after Mekong Catfish and is a regular guide on the River Ebro in Northern Spain where he takes regular groups of anglers for carp and catfish – any excuse to try and get a massive bait in the water in any part of the world. Magor Angling is based within minutes of
renowned marks the Sea Wall, Magor Ledges, and Goldcliffe, and on the doorstep of the M4, providing both course and sea anglers a very convenient stop for bait and equipment whether travelling over the bridge to the River Wye or fishing more locally. • Turn to page 55 for Reel Tales, our new angling column from Christian Johnson.
Hotel starts its
refurbishment Work has started on the first phase of a refurbishment programme at the Cwrt Bleddyn Hotel and Spa at Llangybi. David Spoor, general manager of the hotel, said a
number of improvements to the historic three-star hotel which will include upgrading the hotel’s leisure club with state-of-the-art fitness machines and a revamp of the spa and changing facilities. The 16th century 45-bedroom venue was saved from
administration last year following a takeover by leisure investment firm Oxshott Global Limited. Mr Spoor said: “Last November the new owners vowed
to invest into the hotel’s future and very quickly they have kept to their promise. That commitment means we can now begin our phased refurbishment programme starting with the leisure facilities.” There are also plans to refurbish bedrooms and the bar
area and planning permission for a further 16 bedrooms has also been granted.
Firm signs up to
sponsor polo South Wales international construction consultants Lewis and Lewis Ltd is once again sponsoring the Elemis Polo at the five star Celtic Manor Resort Lewis and Lewis Ltd, based in Newport, have supported
the Elemis Polo at the Manor since its inception. The one-day polo event is staged on a specially created
polo field alongside the internationally renowned 2010 golf course. This year’s event will be held on Saturday June 15 with gates open at 11.30am and closing at 8.30pm Lewis Lewis, director of corporate and client services
for the UK and Middle East, said: “This is an extremely high profile annual event and we’re delighted to once more be involved. The inaugural event was a great success and but for the weather last year, which forced the polo to be cancelled, I’m confident that 2012 would have been equally successful. We have high hopes for 2013’s polos.” Lewis said the event served to focus a unique spotlight
on the area. Follow us on Twitter: @mclmagazine 60
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