Tax tips


Welcome to our FREE top 10 tax tips page

Below Jason has given his top ten simple ways to save tax:

  1. Keep accurate accounting records, remember to note down all business expenses;
  2. file your tax return before the 31 January and avoid unnecessary fines;
  3. pay your tax on time and avoid paying interest as well as a 5% surcharge penalty;
  4. if you are married consider organising your investments so the investment income is paid to the partner who pays tax at the lower rate;
  5. 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;
  6. gifts to charities, if made under gift aid or charitable covenants higher rate tax payers will receive additional tax relief on payments made;
  7. 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;
  8. check your eligibility for the Child Tax Credit and Working Tax Credit and don’t miss out on your entitlement;
  9. 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
  10. 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.

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