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Tax Advice

 

 

Let Achilles come between you and Hector the Inspector ...

Key Benefits

A chartered tax adviser 
giving you
personal advice

General Tax Tips

Please contact me for personal advice, but here are some useful hints

1) Use your personal allowances
Most people use their income tax allowance, but do you make full use of your capital gains tax annual exemption of 7,500?

2) Use your basic rate tax band and your spouse's basic rate tax band
You may be paying tax at the higher rate of 40%. Could you transfer some of your income to a spouse who may only be paying tax at 22%?

3) Use the governments tax incentives
ISA - Individual Saving Account
EIS - Enterprise Investment Scheme (see 7 below)
Gift Aid

4) Consider trading through a limited company and benefit from the 10% tax rate Small Businesses.

5) Review your pension provision - the carry forward of unused relief is about to end.

6) Efile your VAT return and gain a 50 discount (if you have a digital signature) Efiling of self-assessment tax returns is also available

7) Enterprise Investment Scheme (EIS)

a) The Income Tax Benefits
If you are a higher rate tax payer, then you can gain tax relief of 20% of the amount invested.

b) The Capital Gains Tax Benefits
Any gains made on the sale of shares bought through an EIS are free of capital gains tax.
Furthermore, a capital gains tax bill arising out of a gain already made can be deferred by making an investment in an EIS.

c) How to Qualify
In order to qualify for the above reliefs, any investment must be in an Inland Revenue approved EIS.

For detailed advice call Sam on 01270 753038 or email me at sam 'at' achillesaccountancy.co.uk.

 

 

 

Send mail to enquiries@achillesaccountancy.co.uk with questions or comments about this web site. 
Last modified: November 30, 2008