Now that the 31 January deadline is over, its only a few weeks until the end of the tax year so now's the time to start planning.
Take a look at the helpful check list below to see what you could do for you and for your business:
- Review your pension contributions with your financial advisor, if you’re a higher rate tax payer consider further gift aid payments
- Top up those ISAs to the statutory limit with spare funds
- Consider if Marriage Allowance could be helpful – it could save upto £220 in tax https://www.gov.uk/marriage-allowance/how-it-works
- If you are likely to earn more than £50,000 for the first time this tax year, familiarise yourself with the Higher Income Child Benefit Charge rules https://www.gov.uk/child-benefit-tax-charge/overview
- For company owners, consider the timing of dividend payments to stay within tax bands – remember midnight to 5th April 2017 counts as income for 2016/17
- Consider purchasing plant and equipment for your business to reduce tax liabilities
- Get ready for RTI payroll year end and determine if you need to issue any P11Ds - penalties are unlikely to be waived for late submissions!
As always with the Year End, with Tax, or with any other matter that you think may involve your business, please feel free to get in contact with me via the website.
If you'd like to hear more about the Tax Year End or maybe see the highlights, why not watch my short video below?