Friday March 5, 2010

Dear Reader

It's tax planning month

At last the sun has come out after all the rain in February, though temperatures don't appear to be getting much warmer. March represents the month for planning for the end of the tax year, whether as an individual, sole trader or company owner. Whilst the natural reaction is to think of ways to mitigate your tax liability, remember that if you're thinking of moving house or have a mortgage up for renewal, it might be necessary to delay expenditure or increase the income from your business in order to assist your case.

If you are a company owner, this is a good month to look at the dividends you have taken in the tax year. Based on a salary in the region of £6500, you would be able to draw approximately £33600 (per shareholder) without the need to pay any additional personal tax - providing you had no other income from any source.

If you are looking to mitigate your tax bill as a sole trader and have a March year end, this would be a good month to purchase services and/or equipment, rather than make the same expenditure in April. This expenditure planning would apply to a limited company with a March year end.

Back to top

What would you like to know?

We've just added a "Frequently Asked Questions" section to our website. Is there a question you would like answered? Who will win the World Cup, or next Friday's Euro Millions winning numbers are currently beyond our capabilities, but if there's something which readers want to know, we'll try to add it to the site. Click here for more details.

Back to top

Inca on the radio

Thank you to a number of our clients for giving up their time to record testimonials for use in our Jack FM radio campaign. It went live on Tuesday 2nd March. We hope you like it.

Back to top