Enquiries

Name

Invalid Input
Phone

Invalid Input
Email

Invalid email address
Enquiry Type

Invalid Input
Comments

Invalid Input
Enter Code
Enter Code

Invalid Input



QTT - Donated to Charity?


If you have or intend to give to charity this tax year, don’t forget to claim “Gift Aid”. The charity will then be able to claim from the government a further 27.5p for every £1 that you donate. This really increases the value of your donation.

Not only that, but if you are a higher rate taxpayer (total income in excess of £40,835) then in addition you could reclaim tax of 25p for every £1 donated, providing the gift is shown on your Tax Return. Hence for every £1 you donate to charity you would reduce your personal tax bill by 25p.

If a couple wish to make a donation and one is a higher rate taxpayer, then it is more tax efficient for the higher rate taxpayer to make the payment and get higher rate tax relief on the donation.

QTT – ISA’s are still tax efficient if you’re looking to invest


Will you have paid the maximum contributions into your ISA (Individual Savings Account) before 5th April 2009? You may ask why? Well, subject to the risks and possible rewards under the current economic climate, ISAs are still exempt from Income Tax and Capital Gains Tax. If you are looking to invest, then ISA’s are well worth thinking about, often instead of ordinary deposit accounts.

Currently up to £7,200 could be invested into an ISA, of which up to £3,600 can be cash investments each tax year. Financial advice should always be sought to ensure the right investments are made for your circumstances and the risks you wish to take.

QTT – Use the losses on shares


Losses on shares can still be created by selling them personally and purchasing them back within an ISA, or by selling shares personally and your spouse buying them. Losses can then be set against gains on other assets in the same year, or later, to reduce Capital Gains Tax.

QTT – Free money for mum’s to be


From April 2009, if you’re a mum-to-be you may be able to get a one-off, tax free payment of £190. Although HM Revenue & Customs are not renowned for their generosity they are now offering a “Health in Pregnancy Grant” if your expected delivery date is on or after 6th April 2009. As long as you are 25 weeks pregnant or later you can apply for the grant which will be paid to assist with costs during the later stages of pregnancy. Details can be obtained from the website www.hmrc.gov.uk.

QTT – Time could be limited to get tax back on business premises!


The rules regarding capital allowances and property underwent significant changes in April 2008. For some property owners the new rules may well be more beneficial to them, however for some the old rules could save them more tax. Unfortunately time is running short for those wishing to take advantage of the old rules.

Tax relief on the cost of a property is often not possible until the property is sold. Within many buildings there are various items of plant, such as radiators, phone points and emergency signs. These are known as “integral plant”, on which tax relief may be claimed much earlier.

If you or your business own a commercial property, a nursing home, a hotel or perhaps even a caravan park then it may be possible to get back substantial amounts of tax. We can provide a
specialist review which could save thousands in tax.