Welcome to our FREE top 10 tax tips page
Below Jason has given his top ten simple ways to save tax:
- Keep accurate accounting records, remember to note down all business expenses;
- file your tax return before the 31 January and avoid unnecessary fines;
- pay your tax on time and avoid paying interest as well as a 5% surcharge penalty;
- if you are married consider organising your investments so the investment income is paid to the partner who pays tax at the lower rate;
- stakeholder pension schemes, you can invest for your husband/wife/grandchildren even if they have no earnings, and you get basic rate tax relief on the contributions;
- gifts to charities, if made under gift aid or charitable covenants higher rate tax payers will receive additional tax relief on payments made;
- Junior Individual Savings Account (ISA), these replace the (Child Trust Fund), the Junior ISA offers a tax-free savings account for children, for the tax year 2016/17 the savings limit is £4,080;
- check your eligibility for the Child Tax Credit and Working Tax Credit and don’t miss out on your entitlement;
- if you are aged 65 and over check you are receiving your additional personal allowances (the maximum allowance is only given to those individuals whose income does not exceed £27,700 (2016/17) previously £27,700 (2015/16), after this a reduction is applied to the additional allowance); and
- consider replacing your old company car with a new tax efficient model and reduce your tax bill.
The above are only a selection of the more simple tax saving ideas, for a more detailed look at your tax affairs by a Chartered Tax Adviser contact Holden Associates today.