Whilst we are fast approaching the deadline of 2009/2010 tax returns, it is also time to start thinking about year end tax and Financial Planning for 2010/2011 and beyond.
So, as a start or even as a sanity check, you would be wise to take a few minutes to ask your self the following questions:
Have you taken account of the 2.5% increase in VAT (to 20%) on 4 January 2011?
Have you considered the timing of dividends or bonuses to minimise additional rate tax this tax year and next?
Could you bring forward bonus payments to avoid next year’s 1% NIC increases?
Have you used this year’s ISA allowance and made any investments in EISs and VCTs before 6 April 2011?
Could you transfer income to your partner to minimise higher and additional rate taxation next year?
If you are in business, have you timed your capital expenditure to maximise 100% tax relief?
Have you used your annual CGT exemption by making any available disposals before 6 April 2011?
Have you used your annual IHT allowances?
If answer NO to any of these questions then take a look at the Year End Tax Planning Guide available for download free on the Griffins Accountants web site.
