As we head towards the end of the 2010/11 tax year it is again time to make sure that all possible relief has been obtained.

Consideration should be given to a number of areas: –

• Pension contributions must be paid before 5 April to obtain relief in this tax year.
• Capital allowances – the annual investment allowance available at 100% on spend up to £100,000 will reduce to a ceiling of £25,000 from 6 April 2012.
• Make sure that you keep a note of any gift aid payments made during the tax year.
• Remember that if profits are rising and the 2010/11 tax liability is likely to be higher than 2009/10, then the balance of tax will not be payable until 31 January 2012. At the same time as a payment on account for next year. This can cause a sizeable “spike “ in tax payments next January. If this is likely in your case then an early completion of the accounts and returns will give you time to gather the money.
• If the 2010/11 tax liability is likely to be lower than that for 2009/10, then making sure that the accounts and returns are completed before July will enable you to reduce the tax payment due on 31 July.

 

We are always available to talk over individual cases with out clients, so do not hesitate to get in touch.

If you have recently commenced self-employment then you may need advice to ensure that all your revenue requirements are properly dealt with. Please contact us to arrange an appointment to talk to one of our friendly efficient staff.

You are required to register with H M Revenue and Customs within three months of commencement and the relevant forms to enable you to do this are available to download on our downloads page. – See forms CWF1.

The VAT Online filing system is now up and running, if you need any advice or assistance in regards to filing your returns, or wish to have us file them on your behalf, then contact Eileen for more information.

Contact details – 028 9181 3101 or email – Eileen@stanleywoods.co.uk

Help, whenever you need it!