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?
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.