You need not engage in risky, expensive and complicated tax saving schemes. By making minor adjustments to your affairs you could maximise the use of your tax allowances thus saving you money in your pocket. The main allowances are:
The Personal Allowance for 2019/20 is £12,500. Are you making full use of this? Even children have their own allowance!
Capital Gains Tax
For the year ending 5th April 2020 you can make a capital gain of £ 12,000 without incurring capital gains tax liabilities.
If your estate is worth more than £325,000 contact us to mitigate possible tax liabilities. See our article: 'Have you got a Valid Will?' for more information.
It may take up to seven years to achieve the best savings so you may need to contact us about this now.
Value Added Tax
From 1st April 2019 the registration limit is £ 85,000. If your turnover is above this limit you may have to register for VAT and file your returns on-line.