What are your New Year's Resolutions?
Here are some suggestions
1) Make a will - Intestacy can be a lottery win for the Crown.
2) Make a Gift - For inheritance tax purposes, you have an annual exemption for gifts of £3,000, as well as an exemption for small gifts of up to £250.
3) Open an ISA - Individual Savings Accounts ("ISA's") can be a tax efficient way to invest savings. There are limits on the amounts an individual can invest in an ISA each tax year, so you should consider whether you have fully utilised your annual limit.
4) Utilise your tax allowances - Income received within an individual's personal allowance is tax-free.
5) Get your tax return in early - too late this year! But put it in your diary for June 2007! The completion of your 2005/06 tax return and the payment of any tax due by 31 January 2006 should hopefully now be fading from your memory, but you should not consider that to be the end of the matter for another 12 months! If you haven't completed this years then you'd better act quickly to avoid any fines!!
6) Start a Pension - It's never too late, no matter how old you are! Remember that pension contributions qualify for tax relief and payments up to £3,600 (gross) can be relieved irrespective of the level of earnings, for yourself or your family.
7) Tax & Investment Planning - this should be a continuous process focusing on an individual's needs and circumstances. The period leading up to the end of the tax year (5 April) is a key time for doing those last minute tax planning chores you may have been putting off. You may be surprised at how much tax you could save by devoting a little time and effort to this matter.
If you would like any assistance in reviewing the above please contact Les Styles or Andrea Phipps at Styles & Co on 01925 761600.
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