Personal Tax & Savings
1. Check your PAYE tax code
Many people can go for years inadvertently paying the wrong amount
of tax because their tax code is incorrect. You can help to avoid this by
checking the series of numbers and letters in your tax code to...
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Personal Tax & Savings
1. Check your PAYE tax code
Many people can go for years inadvertently paying the wrong amount
of tax because their tax code is incorrect. You can help to avoid this by
checking the series of numbers and letters in your tax code to ascertain
whether the correct code is being applied.
For more details, see www.hmrc.gov.uk/incometax/codes-basics.htm
or contact us for advice.
2. Maximise personal allowances...
Ensure that you are making the most of the tax-free personal allowance
(PA), which for 2014/15 is £10,000 for those aged under 65, or the
age-related allowances which are worth up to £10,660, maximum
income £27,000. If your spouse or partner has little or no income,
consider transferring income (or income-producing assets) to them to
ensure that they are able to make full use of their PA.
Care should be taken to avoid falling foul of
the settlements legislation governing ‘income
shifting’. Any transfer must be an outright gift
with ‘no strings attached’.
Pleas
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