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Tax Tip

Annual Tax and Business Check-up. 07/07/2011

With the new tax year just beginning, it is a good opportunity to take a review of your Tax Matters and the general forms and paperwork that it entails: we call it the Annual Tax and Business Check-up.
Tax is an important element in the financial health of a company. Businesses should make sure they are maximising the benefits of the tax reliefs available and that deductions for costs are accelerated where possible.

It is also a good idea for individuals’ not just companies and partnerships –none of us want to pay too much to the chancellor.

Here are a few things we recommend:

1. Should you consider Incorporation?
2. Self-Assessment Tax return for 2010/11 – do you need to complete one?
3. Are you due a tax repayment for 2010/11? Savings – are you paying too much tax?
4. Cash Individual Savings Accounts (ISAs)
5. Can you get your savings interest without tax taken off? Review provisioning policies
6. Watch out for discretionary bonuses
7. Get tax deductions for repair work
8. Take care over revenue deductions
9. Maximise tax relief on pension contributions
10. Plan for capital allowances
11. Reclassify expenditure on industrial buildings
12. Claim R&D tax relief
13. Look at corporate structure
14. Don't forget compliance
15. Employees and pensioners - check your coding notice
16. Students
o Are you working during the holidays? 
o Do you have to start to pay back your student loan from April 2011?

Lavinia Newman, Founder of ABDS says:
“Companies should ensure that budgets and forecasts correctly reflect tax cashflow and factor in future changes in tax rules and planning. In these uncertain times companies do not want unexpected cash outflows, that is why we recommend our Tax & Business Health Check-up”

Tax savings can only be achieved if an appropriate course of action is planned in advance. It is therefore vital that professional advice is sought at an early stage. We would welcome the chance to tailor a plan to your specific circumstances. Please do not hesitate to contact us.

ABDS of Southampton For all of your Personal and Corporate Tax Planning.
Tel: 023 8083 6900  E-mail:

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