NEW YEAR’S RESOLUTIONS TO SAVE TAX

NEW YEAR’S RESOLUTIONS TO SAVE TAX At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances...

How to raise your prices without losing customers

The cost of running a business goes up every year, but when was the last time you increased your prices? Many business owners and managers worry that if they were to increase prices, they would lose customers. However, a customer will often be willing to pay a higher...

Have you used your 2018-19 ISA allowance?

Your maximum annual investment in ISAs for 2018/19 is £20,000.  Your investment needs to be made before 6 April 2019.  In addition, have you thought about investing for your children or grandchildren by setting up a Junior ISA? In the 2018/19 tax year, you can invest...

Don’t lose your Personal Allowance!

For every £2 that your adjusted net income exceeds £100,000, the £11,850 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000...

Consider other tax efficient investments

If you are looking for investment opportunities, have you considered the Enterprise Investment Scheme (EIS)? These investments in certain qualifying companies allow you to set off of 30% of the amount invested against your income tax bill as well as the ability to...

Pension planning

For most taxpayers, the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers contributions by both the individual and their employer. Note that the unused allowance for a particular tax year may be carried...