Recent edicts from The Government have been on a theme of how they plan to increase their tax yield by cracking down on tax avoidance. Linda Broomfield, Tax Manager with the Poole office of international accountancy and business advisory firm Mazars says: “Individuals and business owners across Dorset are quite rightly worrying about how to avoid the wrath of HMRC. However, the good news is that there are many legitimate and often simple, tax planning opportunities available to help minimise your tax bill.” She adds: “Now is the time to take action before the tax year ends in April.”
To help businesses, Mazars has produced a nine point checklist to make sure Dorset businesses are making the most of reliefs and allowances before the 2014/2015 tax year ends on 5 April 2015.
1. Have you used your full ISA allowance of £15,000 for 2014/2015?
2. Have you used your full Junior ISA allowance of £4,000 for2014/2015?
3. Can you restructure your salary, dividend and pension position?
4. Have you contributed the maximum amount (£40,000) to a pension
plan in 2014/2015 and utilised your carry forward relief?
5. Have you used your full allowance for EIS (£1 Million), VCT
(£200,000) and/ or SEIS (£100,000)?
6. Have you and/or your spouse/civil partner used your full annual
CGT exemption for 2014/2015 (£11,000)?
7. Have you used your annual IHT exemption (£3,000) for 2014/15
8. Do you have an up to date will?
9. Time to review your car scheme?
For a free advice booklet outlining these nine tax planning points in full detail, contact Linda Broomfield at Mazars on 01202 680777 or email firstname.lastname@example.org