Income Tax – Personal Allowance

Tax Tips

If you become 65 or 75 during the year to 5 April 2011, you are entitled to the full allowance for that age group.

+ File your self-assessment tax return on time. Don’t forget, there is a £100 fine if you do not file your tax return online before the 31 January deadline.

+ Trading Losses – If you have an unincorporated business (partnership or sole trader) and you incur a loss in a period of trading, you can claim tax relief for this loss against other income in the year, or preceding tax years. There are conditions that have to be met call us for professional advice to ensure that losses are used in the most tax efficient way

Personal tax planning is all about understanding the taxes that you are liable to pay and looking at ways to minimise them. Tax law is a complex area and you should always seek professional advice before making any decisions that may affect your tax liabilities.

+ The ISA limit has been raised to £10,200, up to £5,100 of which can be saved in cash. The new limits will apply to all ISA investors from the 2010-11 tax year (starting on 6th April 2010) onwards.