FREE HELP SHEET!
6 QUICK WINS TO SAVE ON TAXES BEFORE 5TH APRIL
Are you self-employed? Have you done your tax year end housekeeping? Our 6 top tips offer some great ideas for saving you money on your taxes and maximising your income.
Call the Tax Team for more advice on 0121 794 2289
All UK residents can put £2880 net (£3600) gross pa into a pension fund. Higher rate tax payers can use pension contributions to reduce their tax bills
PENSION CONTRIBUTIONS ARE A VERY EFFICIENT WAY OF SAVING TAX NOW AND SAVING FOR YOUR FUTURE BUT TO MAKE CONTRIBUTIONS and REDUCE 20/21 TAX BILLS THEY HAVE TO BE PAID BY 5 APRIL 2021
If you have investments and are contemplating selling all or part of them, remember you have £12300 allowance against capital profit for 2020/21. You will lose this tax free allowance after 5 April 2021
Everyone can make gifts of up to £3000 pa outside Inheritance tax
Adults can save £20,000 pa into an ISA – the child rate is £9000 pa
If you are married or in a civil partnership, check whether you can utilise the marriage allowance (which allows the transfer of £1250 of tax free allowances between spouses/civil partners)
GIFT AID PAYMENTS
These payments can reduce your tax bill but again they must be paid before 5th April 2021 to count against 2021 income. If you are a couple, it is most tax effective for the higher rate taxpayer to make gift aid payments.