Chartered Accountants of Poynton, Cheshire |
|
Pension PaymentsThere have been considerable changes to the pension contribution rules over the last couple of years. In summary, these are as follows: • Any individual can make payments of £3600 per annum gross of tax, whether they have an income or not. • If an employer makes a contribution on behalf of an employee, this will be tax deductible in that employer's accounts as long as the payment is made 'wholly and exclusively1 for the purposes of the trade. • The maximum any individual can pay in any pension payment period (which is usually the same as the tax year) is normally £21,5000 and any contributions over this will be subject to income tax of 40%. There are some exceptions to this rule. • There is no longer a provision which allows excessive personal pension contributions to be carried back to the prior year. Some special rules remain in place for retirement annuity contributions. Keep your income below the age allowance limitThere are many ways to save tax - all of them perfectly legal. For example, if you are over 65, keep your income below the £18,900 limit - at that limit the higher allowances are scaled back. Call us at Appletons Accountants and we'll tell you more! Pay less tax - Create a tax shelter investmentThere are many ways to save tax - all of them perfectly legal. Did you know that.... Tax can be effectively deferred by investment in Enterprise Investment Scheme shares, Venture Capital Trust shares (both subject to limits), or in film finance partnerships? Call us at Appletons Accountants and we'll tell you more! |
Personal AccountingAppletons's No. 1 customer is you - the individual. Thousands of people across the country see so much of their money taken by the taxman and it is our mission to ensure that our clients avoid him as much as possible. Even if you aren't yet one of clients, there are plenty of tips to save you money here on the Appletons website - learn as much as you can - you might save thousands! On the other hand, perhaps you'd prefer the personal touch, and we would be delighted to assist you further - why not call us for an appointment? Non-domiciles and the Remittance Basis The Chancellor has confirmed that his controversial proposals for the taxation of people resident but not domiciled in the UK and others benefitting from the remittance basis of assessment will become effective from 6 April 2008. more... 
Family Tax Planning With the high cost of university and college education, encouraging children to start saving early can help them in later years. Parents and grandparents may want to give some money to their children or grandchildren for the future. There are several tax-efficient ways to do this and you will need to bear these points in mind... more...
Divorce and taxationSince both parties are taxed separately under self-assessment, income tax does not usually cause the same problems as CGT. Any earned income, e.g., from a job, will remain taxed on the spouse that earns it.... more...
Your InvestmentsGrowing your savings and being able to retire when and how you want will probably be one of your most important financial objectives. But achieving this goal takes planning and commitment to implement more...
Your Estate and WillInheritance tax is a concern for more and more families. Effective estate planning is vital to ensure that your assets will go to your chosen beneficiaries. more...
Effective IHT PlanningIt could be said that the art of IHT planning is to give away as much as possible during your lifetime, while still keeping enough to ensure that you and your spouse can live a comfortable and fulfilling retirement... more...
Protecting Your InheritanceWhat can you do to minimise your Inheritance Tax liability? An important point to note is that the family house is not exempt from IHT. This means that many estates will be subject to IHT on death by virtue of the private residence.... more...
Buying Property Abroad Here at Appletons, more and more clients are considering buying a second home either within the UK or abroad, maybe as an investment or as a second or holiday home. If you think you might like to do the same, read on for some free advice... more...
|