Corporation tax is set to reduce to 19% with effect from 1 April 2017 but opportunities still remain to reduce and defer corporation tax liabilities. Here are some you may wish to consider. MAXIMISE CAPITAL ALLOWANCE The annual investment allowance (AIA) provides 100% tax relief for qualifying expenditure incurred up to a limit of £200,000 … Continue reading Year End Tax Planning Tips For Companies
The start of the 2016/17 tax year saw the introduction of the Personal Savings Allowance (PSA); from 6 April 2016 basic rate taxpayers can receive £1,000 interest income free of tax. Interest from ISAs does not count towards the PSA because it’s already tax free. Higher rate taxpayers have a £500 allowance and those with … Continue reading Tax Efficient Income Extraction from Your Limited Company
If you or your spouse/partner has an income between £50,000 and £60,000, your child benefit is clawed back at the rate of 1% for every £100, and for those earning above this, the claw back equals the whole amount of the benefit received. By making additional pension contributions, you could retain child benefits. For example, … Continue reading How Pension Planning Can Help Retain Child Benefit And Save Inheritance Tax
The rules regarding pension funds and how they can be drawn are changing radically with effect from 6 April 2015. The changes relate mainly to “defined contribution” schemes e.g. personal pensions, stakeholder pensions, self-invested pensions and pensions in drawn down contracts. The most significant benefits of the new rules are flexibility of how income can … Continue reading Pension Shake-Up
CODE NUMBERS Check your code to ensure you have been given the correct personal allowances, including relief for pension contributions and gift aid donations if liable to higher rate tax. PENSIONS With a general election a few weeks away it cannot be certain that the current generous reliefs will remain in place. It is important … Continue reading Year End Tax Planning – Points for review before 5 April!
http://www.youtube.com/watch?v=NUwV2I5HtC8 To find out what other announcements were made in the Chancellor's Budget, read our Budget Summary.
Our Tax Saving Newsletter is now available here: Green & Co Tax Saving Newsletter It includes: Capitalising on personal allowances Making tax-efficient savings and investments Tax-efficient pension planning Extracting profits – tax-efficiently Considering your company car
For those of you in self-assessment, you know the drill by now…the annual cycle will be all too familiar. Your accountants will soon be issuing reminders through all available channels of communication, hot on the heels of HMRC and their teal green reminders. But before we hit the 6 April and commence on our self-assessment … Continue reading 5 Tax Planning Tips As 5 April Approaches
Many businesses choose to incorporate for several reasons, including liability protection and tax planning. But what should you do next, once you have gone through the initial effort of setting up your new limited company? Within a few weeks of incorporating you will receive an introductory letter from Her Majesty's Revenue and Customs. You should … Continue reading So I’ve Set Up A New Limited Company – What Next?