Are you Tax Savvy?
As we approach the end of one tax year and the start of a new one, it is important to check your affairs are in order.
For individuals, this may involve looking at areas such as:
- Have you subscribed to an ISA in 2014/2015? And remember that the limit increased to £15,000 half way through the year so you may have more scope than you think
- Have you utilised your 2014/2015 tax free allowances? Or what is the position for 2014/2015? On 6 April 2015 a new rule is introduced whereby some married couples and civil partners may be able to transfer some of their personal allowance. The maximum tax saving is £210 per couple and the robinson+co tax team will be looking at this as a matter of course as they finalise the 2015 tax returns for eligible clients
- Will you need to complete a 2015 tax return? Although we seek to remove our clients from the tax return regime as soon as is possible, sometimes HM Revenue & Customs do not act upon our requests. Consequently, if you receive a request to complete a tax return for the year ending 5 April 2015 which you think is incorrect, please contact us as soon as possible
If you are in business and your accounting period ends on 31 March, 5 April or 30 April, then you may wish to look at matters such as:
- Work in progress and invoicing
- Purchase of new kit, commercial vehicles, fixtures and fittings; this is important as at the moment we have a particularly generous regime for tax relief on such purchases. It is important that you speak to your normal contact at robinson+co if this applies to you
- Payment of bonuses to staff
Speak to your normal contact at robinson+co on 01900 603623, 01946 692623 or 019467 25808 and they will be happy to help you.