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Timing is often the key ingredient in tax planning. The period leading up to the end of the tax year on 5 April is a prime time to take stock of your finances and tax position to minimise liability. As always, we are happy to advise on appropriate action.
Throughout this publication, the term spouse includes a registered civil partner. We have used the rates and allowances for 2017/18.
First time home-buyers got a surprise present from the Chancellor in his first Autumn Budget.
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This allowance gives 100% write off on most expenditure on plant and machinery of up to £200,000 per annum from 1 January 2016.
Capital gains tax (CGT) can arise when disposing of assets such as a second home, antiques, jewellery and works of art, shares, or a business.
Children have their own allowances and tax bands, as well as their own capital gains tax annual exemption, and in some cases, there can be a tax saving by transferring income producing assets to a child.
With the introduction of the £5,000 ‘tax free’ Dividend Allowance from 6 April 2016, there has been a dividend regime benefiting those receiving relatively small amounts in dividends.
If you run a company, remember dividend payments can provide a tax-efficient remuneration strategy, the rate of tax paid on dividends being different from other income.
Charitable donations made under the Gift Aid scheme allow a charity to claim back 20% basic rate tax on any donations.
April 2017 saw the start of major change in the way individual landlords are taxed, though the full effect will not be felt until 2020/21.
Pensions can provide significant planning opportunities, but the rules are complex, and it is worth taking advice to maximise the benefits.
ISAs are an increasingly popular investment, free of tax for both income and CGT. Investment must be made by 5 April 2018 to take advantage of limits available for 2017/18.
Each spouse is taxed separately, so a key element in tax planning is to make the best use of the personal allowance; the starting and basic rate tax band; savings allowance and dividend allowance.