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| ►► Introduction |
March Tax
Newswire |
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| ►►Don’t be an April Fool! |
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Year end tax planning tips for the individual
The period leading up to the end of the tax year on 5 April is one of the best times for you to review your personal tax position and take action to maximise tax saving opportunities and minimise liabilities. This briefing contains a summary of the more important ‘in year’ and year end tax tips to help you identify the areas that should be considered so that we can then provide tailored advice for your particular needs. |
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| ►► Income tax saving ideas for all the family |
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A review of the split of income between spouses may yield tax savings such as reducing or eliminating higher rate tax liabilities.
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here for full article ◄ |
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Each individual has an annual exemption for Capital Gains Tax (CGT) purposes. This is £10,100 for 2010/11. Review your chargeable assets and consider selling before 6 April 2011 to utilise the exemption.
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here for full article ◄
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A director/shareholder of a family company can extract profits from the company in a number of ways. The two most common are by way of bonus or dividend.
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here for full article ◄
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To encourage charitable giving, the government has created a number of ways of securing tax relief on charitable donations. Gift Aid is the most common method and applies to cash charitable donations large or small, whether regular or one-off. The charity currently claims basic rate tax of 20% back from HMRC plus a further 2% supplement.
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here for full article ◄
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| ►► Using tax efficient investments |
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Some investments benefit from a favourable tax status. However any investment decision should involve consideration of all the relevant factors, including the risk level and the need for income and capital in both the short and long term, as well as the tax advantages.
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here for full article ◄
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There are many opportunities for pension planning but the rules can be complex in certain circumstances. Individuals can obtain tax relief on contributions up to £3,600 (gross) per year with no link to earnings. This makes it possible for non-earning spouses and children to make contributions to pension schemes.
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here for full article ◄
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Note: Whenever the phrase spouse, spouses, or married couple is used, this applies to same sex couples who have entered into a civil partnership under the Civil Partnership Act as well as to a husband and wife married couple.
Disclaimer - for information of users - This briefing is published for the information of clients. It provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this briefing can be accepted by the authors or the firm. |
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