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Taxing Questions
A question of tax
Throughout our lives and after death we risk paying tax on our income, capital gains and the value of our estate that could be legally avoided through sound placement of your money.
Here are some tips to ensure that you make the most of the tax-relief options available to you:
Self-employed taxation
All business expenses for the self-employed can be claimed against income, so keep every receipt and ensure that it goes on to the self-assessment form. This extends to all expenses entailed for its ongoing success, such as necessary equipment and tools.
Pension Payments
To gain further tax relief, you may wish to increase your contributions to your pension.
Unused tax allowances
Investments can be switched between a spouse that pays tax and another that doesn't / pays at a lower rate, to utilise their unused tax allowances.
Capital gains tax
Capital Gains Tax (CGT) is charged at 18% for basic rate tax payers and 28% for higher rate tax payers. The 2010/2011 tax year has an allowance of £10,100. This means that tax is not applied to any profits made through investments and buying and selling shares in this tax year if they are below that amount.
ISAs
Part of the investment you make into your ISA is tax free, and this also applies to stocks and shares, of which you can place £10,200 into. If you have used your CGT allowance, then it is worth remembering your ISA allowance.
Are you paying too much tax?
Contact us now to find out.
A question of tax
Throughout our lives and after death we risk paying tax on our income, capital gains and the value of our estate that could be legally avoided through sound placement of your money.
Here are some tips to ensure that you make the most of the tax-relief options available to you:
Self-employed taxation
All business expenses for the self-employed can be claimed against income, so keep every receipt and ensure that it goes on to the self-assessment form. This extends to all expenses entailed for its ongoing success, such as necessary equipment and tools.
Pension Payments
To gain further tax relief, you may wish to increase your contributions to your pension.
Unused tax allowances
Investments can be switched between a spouse that pays tax and another that doesn't / pays at a lower rate, to utilise their unused tax allowances.
Capital gains tax
Capital Gains Tax (CGT) is charged at 18% for basic rate tax payers and 28% for higher rate tax payers. The 2010/2011 tax year has an allowance of £10,100. This means that tax is not applied to any profits made through investments and buying and selling shares in this tax year if they are below that amount.
ISAs
Part of the investment you make into your ISA is tax free, and this also applies to stocks and shares, of which you can place £10,200 into. If you have used your CGT allowance, then it is worth remembering your ISA allowance.
Are you paying too much tax?
Contact us now to find out.