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IT security debt collection debt recovery despite some of the bad press over recent years director’s loan account directors loan directors pensions Directors’ loan account dividends doubl Dragon’s Den dragons den Economic expansion EIS email security employee data security Enterprise Investment Scheme enterprise zones entrepreneur Entrepreneur’s relief entrepreneurs entrepreneurs relief ethical hacker Everyone needs to finance their retirement and exit planning finance finance management financial advisor financial difficulty financial forecasts financial freedom financial goals Financial management financial plan financial planner financial planning financial planning checklist financial planning tips financial wellbeing FSTE 100 FTSE100 fund manager gifts global markets growth growth finance HMRC HMRC enquiries HMRC enquiry HMRC IR35 guidance HMRC tax enquiries HMRC tax enquiry home loans how to manage time ICAEW IHT income tax income tax r income tax relief income tax return independent financial advisor information security information security management inheritance tax inheritance tax planning insolvency Institute of Chartered Accountants investing Investment investment advice investment diversity investment in marketing investment management investment options investment philosophy investment planning investment portfolio investment risk investment strategies investment volatility investments investors IR35 ISO 27001 ISO 27001 benchmark ISO 27001 consultants ISO22301 ISO27001 IT security Jimmy Carr jobs keeping the books key perfirmance indicators key performance indicators KPIs kpi's late payment penalties late payment penalty fines late payments legal tax strategy management information management meetings management standards managing data security marketing investment miscalculated tax motivating staff national lottery new years resolution online accountancy online accountancy software online accounting on-line accounting online accounting software online accounts online tax return online VAT return outsourced accountancy outsourcing outsourcing accounts overtrading owner managers Parker Management Consultants partnership agreements passwords Pay off mortgage PAYE paying a dividend Payroll penetration testing pension pension contribution pension contributions pension fund Pension funds pension investment pension investment strategy pension scheme pensions pensions forecast per personal allowance trap Personal financial plan personal financial planning personal guarantees personal pension personal pensions personal tax return plumbers tax safe plan pre pack administration private pension profitable business sale R & D tax credits R&D tax credits recession red tape reduce tax remote working report on economy research and development tax credits retirement retirement planning risk risk return safest passwords Saga sareholder protection cover security of websites Seed Enterprise Investment Scheme SEIS selecting an accountant Self assessment self assessment tax return self invested personal pension selling my business selling your company shareholder agreements shareholder protection SIPP SIPPS small business small business owners small business tax small businesses small firms SME SME business management SME marketing SME tax planning SMEs social media policy SSAS start up start-up stock market succession planning tax accountant tax affairs tax avoidance tax breaks tax charges tax code tax disclosure tax enquiries tax enquiry tax evasion tax investigation tax investigations tax liability tax man tax mitigation strategies Tax planning tax planning advice tax planning schemes tax reduction tax reform tax relief Tax return tax saving tax saving strategies tax savings tax strategies Tax tribunals taxation tax-break time management time management skills top rate of tax tough times UK Bribery Act UK economy VAT increase vat return VAT rise VAT submission web based acc website security when to pay a dividend work-life balance Xero Xero accountancy software Xero accountants xero accounting xero accounts Xero accounts service

Tax Saving for Individuals Posts

Wednesday April 9, 2014 at 5:36pm
You may have seen in the March 2014 budget that HMRC’s consultation document on Tackling Marketed Tax Avoidance has passed to MP’s to consider as part of the next Finance Act. Although it is expected their proposals will be much watered down when they form part of the tax legislation I thought I would share my views on how the current proposals would play out if enacted in full. What has HMRC proposed? HMRC has proposed that companies that have undertaken tax avoidance strategies t....
Thursday March 6, 2014 at 10:00am
With the 2013-14 tax year less than a month away and the budget just around the corner there are a few things you can still do to shelter your income and savings from tax charges. Here are just some of the tax saving tips we’re discussing with higher earners right now. Pensions – keep an eye on your lifetime allowanceYou’d expect me to suggest that you look to maximize the tax advantages of pension savings by investing into your personal pension. That’s true for those ....
Thursday August 9, 2012 at 9:00am
Over the years contractors have often set up limited companies to reduce the amount of tax they pay. Recent publicity about civil servants and BBC personnel has brought the focus back on to the rules which determine whether personal service companies, limited companies or partnerships provide protection from the IR35 rules intended to prevent the avoidance of tax and National Insurance Contributions (NICs). HMRC recently published new guidance designed to help contractors self-assess their possi....
Thursday July 26, 2012 at 10:00am
In his budget earlier in the year chancellor George Osborne announced a controversial cut in the top rate of income tax from 50% to 45%. If you are affected by this change you may need to act now to get maximum tax saving advantage. It may seem early to consider this, in view of the reduction not taking effect until the 2013/14 tax year, but that depends on your circumstances. The scope for deferring income and/or accelerating expenditure can require a long lead-in time. In addition, if profit....
Thursday June 21, 2012 at 1:32pm
The reality of tax avoidance for many small business owners is very different to the headline hitting experience of Jimmy Carr. Owning and running a business is tough. I say this from a lifetime of working with business owners. Even the good times are not immediately obvious, it is only by comparing them to the really hard times you realise things are not so bad. Small business faces huge competition, that’s the way a capitalist society works. We do not have professions sheltered from co....
Thursday June 7, 2012 at 10:00am
£12.6 billion – that’s apparently the amount wasted by UK tax payers who fail to take advantage of tax reliefs and benefits. What a staggering figure, and maybe because it’s such a large number it’s just too easy to fail to see how it relates to your personal tax position. Well, just by taking a few examples you’ll start to see how tax savings can really add up. Personal allowances – if you are a married couple with one earning significantly more than ....
Thursday April 19, 2012 at 1:37pm
The recent Budget saw a concerted attack on tax avoidance, especially the practices used by the super-wealthy. And when you look at some of the headline figures, it’s hardly surprising the Government saw this as a ripe target. Many were dismayed when Gordon Brown abolished the 10% tax band for the lowest earners. However, with a little creativity, 10% tax still exists – only this time for the UK’s highest earners. HMRC found that 10% is the average rate of income tax paid by th....
Wednesday March 21, 2012 at 9:31am
The news today is all about the budget. As promised in previous statements the BBC is reporting that the Chancellor will increase the personal allowance to £9,205, which might sound like good news but, read on. The personal allowance trap is the little-known area of income tax quicksand, which progressively drags you under once your income exceeds £100,000. It creates a situation where individuals pay 60% income tax on some of their income. How can this happen? It’s all down ....
Thursday September 8, 2011 at 6:46pm
It is always frustrating when a client tells me of a financial transaction they have just completed without thinking to consider the tax implications first. In many ways it is not unreasonable for clients to assume that the transaction they are undertaking is straightforward and nothing can be done to improve it. However, there are a surprising number of ways to reduce tax that most people would know nothing about. Here are some examples: Mitigate stamp duty* on property purchases It is legall....
Friday August 19, 2011 at 2:47pm
Since the Finance Act receiving Royal Ascent on 19th July 2011 there’s been something of a rush in some quarters to check the effects on tax planning advice and tax planning schemes. Luckily the two leading UK providers of tax planning services that we work with were well ahead of the game and we’re able to talk with confidence to clients about our current tax planning options. It did set me thinking however about how individuals and business owners can be sure they are getting the ....
Friday March 4, 2011 at 10:00am
With few tax-breaks available to business owners at the moment it is worthwhile knowing about one that is still very much still alive and kicking and can significantly benefit business owners planning to sell. Entrepreneur’s relief was introduced in 2008. From 23rd June 2010 the first £5 million of gains that qualify for relief will be charged to Capital Gains Tax at an effective rate of 10 per cent. Gains in excess of £5 million will be charged at the normal 18 per cent or 28....
Thursday March 3, 2011 at 10:00am
As the tax year end approaches now is an ideal time to review your tax and financial planning requirements. High earners in particular could save a considerable amount of money by implementing some tax planning ideas before 5th April this year. With the Office of Tax Simplification (OTS) carrying out a review into all tax reliefs, allowances and exemptions, and identifying reliefs, you may want to consider making sure any tax planning is executed before the 23rd March 2011 Budget, which will ta....
Monday February 7, 2011 at 10:00am
With the financial year end only a few months away now is the time to start taking last minute action to try and reduce your 2010/11 tax liability and save on tax. Business owners action plan  1. Bring forward capital expenditure. If you are considering significant capital or revenue expenditure this year you may want to see if you can bring the payments forward and claim tax relief in the accounts to March 2011. There are still generous capital allowances for purchases of equipment that ....
Thursday January 20, 2011 at 10:50am
Interesting to read Fidelity International last week suggesting that high earners could be facing tax bills amounting to 68% of their earnings. Whether you agree with their figure, apparently calculated by taking into account tax and national insurance rate changes as well as the recent hike in VAT, there’s no doubt that under the new tax regime many high earners will face significant increases in their tax liability unless they take specialist advice and take advantage of every tax mitiga....
Monday December 6, 2010 at 9:47am
One of the changes announced in the June budget seems not to have crossed many business owners’ radar and yet I think it potentially has a substantial impact on how they might be able to reduce tax costs now and in the future. You may have spotted the change to the tax relief on contributions into pensions being reduced from £255,000 to £50,000 per annum for pensions with a pension input period ending after 5th April 2011. You might have been excused for thinking that it&rsquo....
Thursday September 30, 2010 at 7:05pm
At the Liberal party conference Nick Clegg was the latest Government spokesman to talk about clamping down on tax avoidance. He even went on to talk about avoiding tax as being an ethical question. I’d say a bigger ethical question is how our taxes are spent by government. Indeed if people felt their taxes were being spent wisely and fairly they may have more time for the ethics of high taxation. What’s all the fuss about? It is probably worth looking at the distinction between evasi....
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