It is usually this time of year that everybody is frantically trying to get their last minute plans in place before the 5th April – which to be honest is what we are usually doing too!
But this year we thought we would take a different approach; instead of putting last minute plans in place, let’s put plans in place for the next 12 months.
Our ‘Post 5th April Tax Saver’ includes the main points for you to consider about your personal and business affairs. Click on the links to find out more.
- Are you and your family utilising your personal tax allowances and basic rate tax bands?
- Are you and your family utilising your capital gains tax annual exemptions?
- Are you and your family maximising your pension allowances?
- Are you maximising relief for your charitable donations?
- Are you maximising your gifts for Inheritance Tax?
- Are you subject to the “High Income Child Benefit Charge”?
- Can you benefit from EIS and VCT investments?
- Have you taken advantage of your ISA allowances?
- Are you claiming the maximum business expenses allowable?
- Are you maximising your capital allowances?
- Do you have a company car, or do you provide them to your employees?
- Do you have family members working for you?
- Could you benefit from incorporation?
- Are you registered for VAT?
The above are some ideas to help you save tax but is not intended as a comprehensive list of tax planning opportunities. The point is that each person or business has its own unique tax situation and each situation should be looked at individually.
But the beauty of doing it now is… there’s no rush!
You have the rest of the tax year to implement them.
Whilst care has been taken in preparing this publication it is for information only. It is not and should not be construed as advice and accordingly no reliance should be placed on the information contained herein. Any views or opinions expressed herein are not necessarily the views or opinions of Purple Patch UK Ltd t/a Blue Rocket Accounting and no assurances are made as to their accuracy. Please contact Blue Rocket Accounting to discuss matters in the context of your particular circumstances. Issued in the UK only. This document is only for your use must not be circulated to anyone else without our consent.