Do you know all the tax reliefs available to you?
21st February 2014
Read our short guide to rates, reliefs and allowances available for use by 5 April 2014.
Topics covered include the following;
- Income and Personal Allowances (tax free income £9,440 - £10,660)
- Tax on lifetime gifts and on death (£3,000 annual exemption)
- Individual Savings Accounts (annual investment limit £11,250)
- Value Added Tax (£79,000 Registration threshold)
- Landlord's Energy Saving Allowance (£1,500 tax deducitble expenditure)
Upcoming changes already announced;
- The main corporation tax reduces on 1 April 2014 to 21% and on 1 April 2015 to 20%
- On 6 April 2013 the annual pension allowance reduces from £50,000 to £40,000 and the lifetime allowances reduces from £1.5 million to £1.25 million.
If you want to discuss any of the issues raised in this guide further and understand exactly how they could affect your personal finances and your business please get in touch.
Remember these reliefs are only in place until 5 April 2014.