B& Adam Griffi ths focused on his career.
“Exceptional learner” Adam Griffi ths is totally focused on developing a rewarding career with Rhondda Cynon Taff County Borough Council’s Strategic Projects Team. He’s working towards a Higher Apprenticeship in Construction and the Built Environment (Civil Engineering) through Bridgend College and using his skills and knowledge to implement highways improvements. Adam, 29, from Ynysybwl, is a fi nalist in this year’s Vocational Qualifi cation (VQ) Awards in Wales, which are designed to reward individuals and organisations for their commitment, hard work and achievements. The awards ceremony will be held at The Exchange Hotel, Cardiff on May 3 to coincide with VQ Day. The awards are organised by the Welsh Government in partnership with the National Training Federation for Wales (NTfW), ColegauCymru / CollegesWales and Qualifi cations Wales. A VQ Learner of the Year - Intermediate fi nalist, Adam has already achieved an apprenticeship in Civil Engineering for Technicians, a BTEC Level 3 Diploma in Construction and Built Environment and Essential Skills Wales qualifi cations.
The new tax year only began on Friday 6th April, but individuals should start planning for it now to ensure they don’t miss out on valuable allowances that could save them thousands, says Nimesh Shah at leading accounting, tax and advisory practice Blick Rothenberg.
Nimesh Shah, partner at
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the fi rm, said: “It’s human nature to leave unwanted tasks to the last minute, but when it comes to tax, leaving important planning to the end of the tax year can cost thousands. Now is the time for individuals to start planning for the new tax year ahead and ensure that they don’t miss out on valuable allowances which are otherwise lost.” Ten
new
resolutions 1.
tax year
Use the capital gains annual exemption of £11,700 for 2018/19 – it can’t be carried forward or transferred to another person (such
as
spouse) 2.
your Contribute to your
ISA – the ISA allowance for 2018/19 remains at £20,000 but the Junior ISA allowance
has under
slightly to £4,260 (for children
increased 18).
If
you’re eligible, consider contributing up to £4,000 to a Lifetime ISA, but there
are penalties for early withdrawal. ISA allowances cannot be carried forward. 3.
usiness Recruitment
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“Exceptional learner” Adam focused on rewarding career
During his apprenticeship, he led improvements to computerised asset management and key performance management systems, making it is much easier and quicker to obtain information, which in turn increased productivity. As a reward for his work, he was recently promoted to senior technician. What makes his achievements even more remarkable is that he was hospitalised with a suspected brain bleed during his apprenticeship and had to deal with the loss of his mother to cancer in 2015. Working to support his younger sister, he still found time to mentor fellow learners during his apprenticeship. “Vocational qualifi cations have enabled me to progress my career,” said Adam. “At some point in the future I would like to own my own business developing software for civil engineering.” Describing Adam as an “exceptional learner”, Colette Williams, Bridgend College’s work-based learning employer liaison offi cer, said: “I cannot recall meeting a better ambassador for students, vocational learning and apprenticeships in general.” Sian Woolson, RCT Council’s employment, education and training manager, praised Adam’s enthusiasm, willingness to learn and desire to use innovative approaches to improve or develop
systems.The VQ Learner Awards recognise learners who clearly demonstrate progression and excellence in vocational studies and have made considerable achievements in their fi eld. In addition to the award ceremony, learning providers across Wales are being encouraged to organise regional events that engage with learners of all ages on VQ Day. Vocational qualifi cations are important to the economy, companies and individuals, as they deliver the trained, talented employees that businesses are crying out for and ensure young people have the skills needed to succeed in education and work. Minister for Welsh Language and Lifelong Learning, Eluned Morgan said: “A VQ award is a symbol of dedication towards a chosen profession, demonstrating to others a real commitment towards personal and professional development. “The awards help us to celebrate those Welsh employers, learners and trainers who are already going that extra mile when it comes to developing vocational skills and qualifi cations.” The Apprenticeship Programme in Wales is funded by the Welsh Government with support from the European Social Fund.
Ten new tax year resolutions to start off on the right foot
Maximise the pension annual allowance of £40,000 (but tapered down for someone earning over £150,000 to a minimum of £10,000).
fully utilise the personal allowance and lower tax bands. 7.
relating to the
Submit claims for overpaid tax and capital losses
You can carry
forward unused pension annual allowances for up to three years, so the 2015/16 allowance needs to be used by 5 April 2019. 4. Stakeholder pensions for non-earning spouses and children – contribute £2,880
and can effectively
receive £720 free. 5. Use the inheritance tax gift exemption of £3,000, which
be
forward one year. 6.
utilise their carried
Consider transferring income producing assets to the lower earning spouse to
personal
allowance and lower tax bands.
By doing this
early, it allows for more of the tax year to generate the suffi cient income to
26 - Friday 13th April 2018 - Cardiff & South Wales Advertiser
2014/15 tax year before 5 April 2019, after which such claims would not be allowable. 8. If you will make an investment in a Venture Capital Trust (‘VCT’) or the Enterprise Investment Scheme (‘EIS’), consider completing these early so that any tax repayment can be potentially be made sooner, or enabling the relief to be carried back to the previous tax year. 9.
return as soon as
2018, so that the second payment on account could be potentially reduced. Finally, fi ling your tax return early starts to limit the time window that HM Revenue & Customs (‘HMRC’) have to raise an enquiry into your return – HMRC have one year from the fi ling date of your tax return to issue their enquiry. 10.
donations before fi ling your 2017/18
return to
Make any charitable tax
and
you can decide whether you want to carry back the donation
2017/18
File your 2017/18 Self- assessment tax return – if you think you are due a tax repayment, fi le your tax
possible so that you receive the refund.
make advance payments on account for 2017/18, it makes sense to fi le your tax return before 31 July
If you had to
to achieve the tax relief earlier. What’s new in 2018/19? • Personal allowance increases to £11,850, but
individuals
over £100,000 lose their personal
allowance
earning by
£1 for every £2 over this threshold, meaning an effective 60% tax rate between £100,000 and £123,700. • Basic rate band increases
to £34,500, meaning someone does not pay higher rate (40%) tax until they earn income of over £46,350. • The dividend allowance reduces to £2,000, from its original level of £5,000 when it was introduced on 6 April 2016. The reduction in the dividend allowance will cost a basic rate taxpayer £225 a year; a higher rate taxpayer £975 a year and an additional rate taxpayer £1,143 a year.
• Capital gains annual exemption
increases
£11,700. •
to
The inheritance tax residence nil rate band increases to £125,000 from £100,000.
• For individual landlords, they will only be able to deduct 50% of their mortgage interest (reduced from 75%) as a deduction against
rental income,
with the remaining 50% available as a basic rate tax credit.
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