With Euro 2012 already dogged by racism and Germany winning on Saturday, we all know it will end in tears for Roy Hodgson’s England. However, closer to home we will be supporting the Camberley Youth Football Club Boys Tournament on 16 and 17 June. Davis Burton Sellek are proud to sponsor the U15 Rebels – spot the Davis Burton Sellek branded football strips and hoodies!
If neither football nor the Olympics are your thing then taking a moment this summer to review your tax affairs with your accountant is important. Take time out from the daily grind to review your tax matters – doing so sooner rather than later could you save money in the long run.
Here are some useful pointers to raise with your accountant this summer:
- From 2013/14 those (born on or before 5 April 1948) facing the age-related personal allowance freeze should seek advice on how to get the most out of their allowance
- Anyone earning over £100,000 faced with the withdrawal of the personal allowance 2012/13 will require a robust financial planning strategy in place
- From next April the additional rate of income tax for those earning £150,000 is set to fall from 50% to 45%. Giving careful consideration to the timing and structure of your income could significantly reduce your tax bill
- Seek advice from your Financial Planner on maximsing pension contributions (within limits) during 2012/13
- If your spouse or partner has little or no income you may wish to transfer income to them ensuring they make full use of their personal allowance. This may prove useful in light of the Child Tax benefit changes
- Similarly, look at ways to reduce the overall combined tax bill if one is paying at a higher rate
- Delaying incurring expenditure may not be the most tax-efficient option for business owners. Further falls in the main rate of Corporation tax (now 24%) may provide a higher rate of relief
- Spare cash for investing? A new Seed Enterprise Investment Scheme (SEIS) offers income tax relief of 50% for individuals who invest in shares in qualifying companies
- Talk to your accountant about tax-efficient giving and make the most of tax reliefs. Thankfully, the Government’s proposed cap on income tax relief is no longer going ahead!
So arrange a review meeting with your accountant and financial planner this summer and make sure your tax affairs are in order. It’s a much safer bet than England winning Euro 2012!
Important - we endeavour to keep the information on this Site and the Blog accurate and up-to-date as far as possible. However, please remember the content is intended as a helpful guide only and may be subject to change at any time. Please always seek advice from your accountant or Davis Burton Sellek before acting on any of the information provided.