Its time to prepare for the end of the tax year – click here for details
Not long to go now, the 5th April 2012 will be here before you know it.
So what should you do to makesure you save as much tax as possible?
Here are my top tips:
Companies & Businesses
From April 2012 the rates of capital allowances will be reduced from (a) 20% to 18% and from on the Main Rate Pool (b) 10% to 8% for ‘special rate’ expenditure respectively. At the same time the maximum amount of the Annual Investment Allowances (AIA) will be reduced to £25,000 a year (currently £100,000). So you might want to consider buying assets prior to April 2012 to take advantage of the current rates.
Individuals – use your tax allowances
ISA’s – the current limit is £10,680 of which £5,340 can be in a cash ISA
Pensions – tax relief on pension contributions upto £50,000
Tax Check – check to see if you have paid too much tax and claim a refund if you have http://stevejbicknell.com/2012/01/21/is-your-tax-code-right/
Tax rates and Thresholds for 2012/13
HM Treasury have summaries these for you http://cdn.hm-treasury.gov.uk/as2011_rates_and_thresholds_201213.pdf
Do you have any ideas to share?