Only 6 weeks until the end of the tax year. Don’t waste those tax-saving opportunities:
- Business investment allowances – look at the major purchases you might be considering for the business
- Capital Gains – can you do anything to make sure you make the most of this year’s tax free allowance?
- Inheritance Tax – don’t forget that you can make substantial gifts of up to £3,000 a year without risking a liability here. If you didn’t make use of this allowance last year, you could hand over £6,000 tax-free this year.
- Pensions: are contributions up to date, is there scope for further tax-efficient investment
- Records: with tax returns coming out in April will you have all the documents you or your accountant will need to complete your return efficiently. In particular, expenditure records including details of professional subscriptions. Tax returns aren’t due back until the Autumn at the earliest, but it’s best to have all the information gathered for what can otherwise be an onerous task.
This could be the right moment to take a longer-term look at the future of the business as well. It’s never too early to think about this, especially where property and family interests come together.
Taxation for Students of Rural Land Management, an annual publication, provides a good background in everyday language with worked examples. See the flyer for details of how to get your copy: Tax for Rural Land Managers 2010-11