Year end planning 2013 14

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Year end planning 2013 14

  1. 1. Year end shopping list • Use allowances • Rate changes • Review company car • Prepare for 2013/14 changes • Look to the future • HMRC protection Use allowances Make sure you use any available allowances and reliefs and don’t lose any unnecessarily. The personal allowance is £8,105, this starts to be removed when your income exceeds £100,000. So consider whether it is possible to limit your income below this amount. Rate changes The higher rate of tax is to be reduced from 50% to 45% from April 2013. This rate relates to income in excess of £150,000. Therefore it is worth considering deferring income beyond April 2013 where possible. This could be done in a number of ways including changing accounting year end for self employed individuals. If you have made a loss in the year it is also necessary to consider this as soon as possible to ensure that tax relief and any refund can be made quickly. Review company car The taxation of company cars becomes more and more prohibitive each year with the exception perhaps of hybrid or zero emission vehicles which can benefit from 100% offset against tax for the company in the year of purchase. It is worth considering the merits of retaining a vehicle as a company car on a regular basis. Prepare for the 2013/14 changes Real time information for payroll will dramatically change the way virtually all payrolls will have to operate from April 2013. Have you considered how it will impact upon you? The rules regarding what is required to be UK and not UK resident are also changing from April 2013. If these might affect you these changes must be reviewed. Look to the future Whilst you have planned to make your day-to-day tax position have you considered your longer term strategy for your business sale, retirement planning, inheritance tax protection HMRC protection The tax authorities are carrying out more focused reviews and attacks on industries and sectors. These come in the form of business records checks and full scale enquiries. If your business has a significant proportion of cash transactions you should review your record keeping arrangements before HMRC. Specific reviews into property disposals have also been announced. 01394 279692 andrew@beatons.co.uk

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