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Happy New Year! Let’s hope its a prosperous one for us all…

This month we have included a number of tax saving ideas to consider as we approach the end of another tax year; reminders for VAT registered traders regarding the recent change to the standard rate (increased from 17.5% to 20%) on 4 January; details of further PAYE processing difficulties at HMRC and finally an update to the ISA limits from April 2011.

Tax savers, actions to take before April 2011?

Business owners:

Many self-employed traders, or private limited companies, have set their business accounting year ends to coincide with the tax year end (31 March or 5 April). If your year end is end of March 2011 you may want to consider the following pointers that may help reduce any tax liability for 2010/11. The comments will also have some relevance for businesses, self-employed or limited companies, with year ends other than end of March 2011 – but obviously there may be more time to consider your options.

  1. If you are considering significant capital or revenue expenditure during April 2011 or later in 2011 you may want to see if you can bring the payments forward and claim tax relief in the accounts to March 2011. This may invo