FEBRUARY 2024 HERALD online
The Herald is the monthly, free village magazine serving Markfield, Bagworth, Thornton, Stanton-under-Bardon and Field Head in Leicestershire, UK.
The Herald is the monthly, free village magazine serving Markfield, Bagworth, Thornton, Stanton-under-Bardon and Field Head in Leicestershire, UK.
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THE <strong>HERALD</strong> • MID-<strong>FEBRUARY</strong> <strong>2024</strong> • Tel: 01530 244069 • Email: info@markfieldherald.co.uk<br />
Planning<br />
applications<br />
Lawful Development Certificate for<br />
the existing use of concrete area for<br />
storage of vehicles and equipment<br />
- at Denbar Lodge, Hillside,<br />
Markfield Leicestershire LE67<br />
9UP<br />
Part change of use of site to retail<br />
to allow public access to the nursery<br />
and the provision of a car park - at<br />
Poplar Cottage, Little Shaw Lane,<br />
Markfield, Leicestershire LE67<br />
9PP<br />
We’re fast approaching the end of the 2023-24<br />
tax year on 5 April. It’s not exactly a time for<br />
champagne and resolutions, but you could save<br />
or make money if you meet the deadline for<br />
several allowances and claims.<br />
If you’re an employee and you’ve overpaid on<br />
PAYE, for example, through a tax code error,<br />
you have four years to reclaim the money.<br />
That means 5 April is the deadline for claims<br />
regarding the 2019-20 tax year. The same<br />
timescale applies to reclaiming overpayments<br />
on self-assessment.<br />
As a sole trader, 5 April simply marks the end of<br />
the tax year for self-assessment purposes, with<br />
the filing deadlines not until 31 October for paper<br />
forms and 31 January 2025 for <strong>online</strong> filing, and<br />
the payment deadline 31 January in both cases.<br />
However, if you operate as a company, the filing<br />
deadline is one year after the end of your chosen<br />
accounting year. If you use the common 6 Aprilto-5<br />
April schedule, that deadline is looming for<br />
your 2022-23 tax return.<br />
The tax year deadline also marks the last chance<br />
to take advantage of several annual allowances<br />
for saving and investing. For example, the annual<br />
limit for putting money into tax-free ISAs is<br />
£20,000, of which a maximum of £4,000 can go<br />
to a Lifetime ISA. If you are close to this limit and<br />
have money available, consider whether to max<br />
out your allowance rather than wait till next year.<br />
You can’t carry over unused allowances.<br />
If you’re thinking of saving for a child, you may<br />
want to open a Junior ISA by 5 April. That way<br />
you’ll get an extra year to take advantage of the<br />
annual allowance of £9,000.<br />
Anyone who sells something at a profit (including<br />
shares and many other financial assets) has to<br />
pay capital gains tax on profits above an annual<br />
allowance. The allowance dropped significantly<br />
last year and is now only £6,000.<br />
That means that if you’re planning to sell or<br />
dispose of an asset, you should think carefully<br />
about when to sell it, which may reduce your<br />
tax liabilities. With shares, you may want to<br />
sell some now and then sell the rest in the new<br />
tax year. Remember that shares are inherently<br />
risky, so changes in their market price could<br />
significantly affect your overall position whenever<br />
you choose to sell.<br />
The pension contributions annual allowance also<br />
expires on 5 April. With the standard allowance<br />
being £60,000 it’s not a problem most of us will<br />
worry about, but those with the money available<br />
should get expert advice on whether and how to<br />
take advantage.<br />
Finally, 5 April may be your last chance to use<br />
the annual gift allowance regarding inheritance.<br />
The ‘annual exemption’ means you can give<br />
away up to £3,000 a year, either to one person<br />
or split across multiple people. As long as you<br />
live for another seven years, the amount won’t<br />
attract inheritance tax. You can carry any unused<br />
allowance over to the next tax year, but not into<br />
any following years after that.<br />
Single storey side and rear extension<br />
(following demolishing of existing<br />
detached garage) - at 63 Rectory<br />
Road, Markfield, Leicestershire<br />
LE67 9WN<br />
Outline planning permission for the<br />
erection of up to 4 dwellings (some<br />
matters reserved except for access<br />
and layout) following the demolition<br />
of existing commercial buildings -<br />
at 193 Shaw Lane, Markfield,<br />
Leicestershire LE67 9PW<br />
Variation of Condition 1 of planning<br />
application 23/00117/CONDIT.<br />
Revision of site layout and substitute<br />
house types - at Land Off Captain’s<br />
Lane / London Road, Markfield,<br />
Leicestershire LE67 9UY<br />
Single storey side extension, front<br />
carport and new dormer to create loft<br />
space - at White Hill, Whitwick<br />
Road, Copt Oak, Markfield,<br />
Leicestershire LE67 9QB<br />
First floor side extension and loft<br />
conversion with dormer to rear - at<br />
7 Mill Lane, Thornton, Coalville,<br />
Leicestershire LE67 1AQ<br />
Creation of an annex above<br />
garage - at Ashleigh, Merrylees<br />
Road, Thornton, Coalville,<br />
Leicestershire LE67 1AP<br />
Sometimes, not knowing where you are is exactly where you want to be.