As you are aware, the 5th April fiscal year end is approaching. This is a key deadline if you employ people or want to optimise your personal finances. We are pleased to give you some tax saving ideas.
- Is your payroll system in order and able to meet the HMRC online filing requirements?
- Are you ready for reporting benefits in kind on the P11D forms? There are significant fines. Would a dispensation be helpful?
- Have you correctly distinguished between employees and self-employed contractors?
- Suggestion schemes, long-service awards, removal expenses, medical expenses, mobile phones and bicycles are some of a number of tax-free benefits you can provide to employees.
Personal finance matters
- Have you maximised your pension contribution?
- Have you used up your ISA allowance?
- If you run a limited company, have you taken the “right” amount of salary and dividends?
- Have you used up your Capital Gains tax free allowance?
- Have you made tax exempt gifts for Inheritance Tax purposes? Are you following a plan to minimise Inheritance Tax?
- Is your will up to date?
- Would a low-emission company car be tax-efficient for you?
- Is your business structured correctly – could you save tax by becoming a limited company?
- Have you got protection against accidents and illness?
- Have you made a claim for tax credits?
- Have you considered the benefits of tax-efficient investments including Venture Capital Trusts and Enterprise Investment Schemes.
If you need further advice, please do not hesitate to contact us.