12 Quick New Year Tax Tips
Posted by siteadmin on Tuesday 22nd of March 2016.
- Don’t waste your (or your partner’s) £11,000 personal allowance.
- Don’t forget the new personal savings allowance, reducing tax on interest.
- Think about how the new dividend allowance will affect you – for better or worse.
- Don’t ignore National Insurance contributions – they are really a tax at up to 25.8%.
- Think marginal tax rates – the tax system creates 60% (and higher) marginal rates.
- The dividend and savings changes warrant a review of who owns which investments.
- ISAs should normally be your first port of call for investments and then deposits.
- Check that you understand all the future tax changes before investing in buy-to-let.
- Trusts can save inheritance tax, but suffer the highest rates of CGT and income tax.
- File your tax return on time to avoid penalties and the taxman’s attention.
- Never let the tax tail wag the investment dog.
- Don’t assume HMRC won’t find out: automatic information exchange is spreading.