We recommend a year end tax review to make sure that you claim all relevant allowances and pay no more tax than you need to.
In our Year End Tax Review 2020 newsletter you will find action points which include:
- Review your spending plans and likely profit levels before the year end and consider moving income and expenditure between accounting periods
- Review your mix of income to maximise your Savings Allowance for 2019/20
- Consider topping up your National Insurance Contributions (NIC) record by claiming NIC credits or paying more contributions
- Review your pension saving plans before 6 April 2020
- Can you transfer income to reduce your family’s tax and save your allowances?
- Do you want to make charitable donations before you complete your next income tax return?
- Is your will up to date and do your executors know where to find it?
- Can you claim rent-a-room relief or the property allowance?
- Thinking of selling your home, consider selling before 6 April 2020 to take advantage of the current tax reliefs
- Remember to claim Annual Tax on Enveloped Dwellings (ATED) relief when developing or letting high value homes owned by a company
- Check the Research & Development expenses for which your company can claim an enhanced deduction
- Talk to your customers about the off-payroll/IR35 rules before they start in April
- Are you certain your National Minimum Wage calculations are correct?
- Consider the tax incentives for electric company cars in future years
- Review your borrowings to ensure a sustainable future if you have a lettings business
- Are you due a tax refund for business journeys?
- Are you taking full advantage of the Capital Gains Tax exemption?
- Are tax favoured investments worth discussing?
- If you are planning to sell your company, discuss your plans with us without delay
We appreciate that’s quite a list. We can help you with all of these issues, so please do get in touch if you need our help.