We would like to provide a few tax tips for you as an individual, and some for those of you who have little people in your lives!

• If you are not asked to complete a tax return, it remains your responsibility to advise HMRC if there is a source of untaxed income or capital profit that could lead to a tax liability.

• Remember to keep all tax related documents such as interest statements, dividend vouchers, pay certificate form (P60) etc. Place everything in a folder throughout the year as it is received, to hand to your accountant to prepare your self assessment return.

• If you are feeling charitable, remember that a contribution to charity under the Gift Aid scheme benefits from tax relief.

• Many couples with children who are entitled to a tax credit do not receive it because they fail to apply.

• If you are unsure about your tax code & are anxious not to end the tax year under or overpaid, then you should have it checked.

• Contributions by an employer to a registered pension scheme are tax and NIC free. This may be far better than any other perk. You may want to sacrifice some of your ‘normal’ salary to do this.

• If you are paid less than the statutory rates to use your car for business purposes remember to claim a deduction on your return or write to HMRC to make your claim.

If you have any questions on any of the above & require assistance with your tax return please feel free to contact us.

Spring is here & yesterday was the beginning of the new UK personal tax year! Now is the time for spring cleaning & re-assessing… another year has passed which means it’s self-assessment time again, a new payroll year begins & summer is on its way!

The new payroll year brings the opportunity to review company payroll processes! During these times one needs to focus as much energy & resource as possible on core strategy, marketing and growing your business… and therefore the option to outsource payroll can simplify back-office administrative responsibilities  significantly. We are always happy to assist employers & employees with any questions they may have.

Please feel free to visit www.thepayrolldivision.com for more information.

Company Formations
In the current economic climate, more and more individuals are setting up their own businesses – contact us for advice on how to form / structure / fund a new venture and we will be happy to assist.

Budget Speech
Will take place on the 22nd of April – contact us if you have any queries regarding it. Following the announcement, you may wish to contact one of our accountants to discuss how best to structure your tax position.

Deadlines coming up:
19 May – P35 & P14 Submission deadline
30 May – P60’s to be issued to employees
19 July – P11d Submission deadline
31 Oct – Deadline for Self-Assessment for 08/09 if paper return