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Happy New Tax Year! The Tax Savings Checklist for 2010/11

Monday, April 12th, 2010

The new tax year, which began on 6th April 2o1o, offers a golden opportunity for tax savings. Make use of your brand new tax allowances to fine-tune your financial planning, and minimise tax. With financial advice you can streamline your savings strategy by getting the best savings rate and fully utilising your ISA cash allowances. You can ensure you take advantage of your allowances for Capital Gains Tax, if you are selling an asset. You can plan to maximise tax reliefs from pensions contributions. You can gain 30% tax relief on investments in Venture Capital Trusts (VCTs). You can take the necessary steps to avoid 40% Inheritance Tax on wealth passing to your children and heirs. If you are an employer, you can plan for the upcoming government NEST scheme, which will require you to have, or set up, a pensions department that offers a pension to all employees.

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VCTs offer 30% tax relief, tax free dividends, and invest in UK industry

Thursday, March 25th, 2010

VCTs or Venture Capital Trusts are an attractive investment option, offering 30% tax relief up front. VCTs are currently enjoying high levels of interest from higher earners in particular. While the upper limit for VCT investments is £200,000, VCTs are also open to those with just £3,000 to invest.

Tags: Pensions Advice, Pensions Planning, Private Pension, Private Pensions, Professor David MacKay, Tax Efficient Investments, Tax Relief, VCT, VCT Tax Relief, Venture Capital Trusts
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Record-keeping and independent tax advice crucial when dealing with HMRC

Friday, December 11th, 2009

With an increasing volume of information and advice from HMRC now being offered not face to face, but by telephone, the onus is on the caller to record in writing the tax advice they are given, if they wish to depend on that advice at a later date.

In such situations, problems arise when a taxpayer acts (or refrains from acting) based on undocumented telephone advice, or on their recollection of what HMRC said, according to the Low Incomes Tax Reform Group (LITRG).

Tags: Financial Planning, HMRC, LITRG, Low Income Tax Reform Group, Pension Transfers, Personal Tax, Repossessed Spanish Property, Revenue Commission, Revenue Commissioners, State Pension, Tax, Variable Rate Mortgages, VCT, Wealth Strategies, Whole Of Life Insurance
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Public lose out on tax claims, says LITRG

Monday, December 7th, 2009

Many claimants seeking tax credits may miss out on up to Â£500 of their entitlements, because the Revenue (HMRC) is failing to make them aware of their full entitlements.

While backdating of tax claims is automatic for people with children, there is no automatic backdating of tax credit claims for people with no children, who were in work prior to submitting a claim â€“ even though they are entitled to backdate for up to three months, according to the Low Incomes Tax Reform Group (LITRG).

Tags: Financial Planning, HMRC, LITRG, Low Income Tax Reform Group, National Association of Pension Funds NAPF, Pension Transfers, Pensions Annuities, Reclaim Income Tax, Repossessed Spanish Property, Tax, Tax Guidelines, Variable Rate Mortgages, VCT
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End of tax year – our top tips

Monday, February 9th, 2009

“Tax doesn’t have to be taxing”. YES it does. There is no nice way of putting this – it has to be paid. However there are ways in which we can avoid paying as much or reclaim what we have paid. Here are a few examples. Invest in an ISA to ensure that you do [...]

Tags: Avoid Tax, Best Mortgage Deal, Critical Illness Insurance, Debt Management Advice, DWP, Efficient Tax Planning, EIS, Enterprise Investment Schemes, Financial Advice, Pensions Planning, Private Pension, Professor David MacKay, Repossessed Spanish Property, Tax Relief, VCT, Venture Capital Trusts
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