I have had an excellent week. I have taken on 3 newly self employed clients and one landlord. Although it means more work for me over the Xmas period I don't mind, you know that is going to be the case when you decide to have a career in tax! Furthermore my week has been topped off by attending a really useful tax lecture where I recapped on some really interesting points that I will share with you next week in my blog.
As it is Friday, it can only mean one thing - My weekly tax tips!
1. HMRC has revised their interpretation of the way that pension allowance carry forward works for years 2008/09 to 2010/11. You can now potentially contribute £200,000 if you meet all the qualifying criteria. Contact me for further info on this
2. It is very important that owners of small companies follow the proper procedures when carrying out share subscriptions so that evidence can be provided in the future as and when required.
3. If you are non domiciled have you been monitoring the number of year’s resident you have been? There may be an up and coming remittance base charge you need to plan for.
4. If you are an employer have you considered changing your employees benefit package to a flexible benefits package to take advantage of tax and National Insurance Mitigation?
5. Whenever properties are bought or sold with a view to building residential property, there are potential issues concerning the option to tax. Make sure you contact your tax advisor before finalising any deals.
We are now in December so not long to go until you have to submit a tax return. If you need any assistance please do not hesitate to get in touch mitch@ljd.uk.com
Have a great weekend
Mitch the Tax Man
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