Manson Boxa can advise employers on the most tax efficient way to pay their workers or the business directors.

Drawing money from your limited company
If you currently earn enough to pay higher rate tax and you foresee that next tax year this will not be the case then it makes sense to hold off drawing funds just the wrong side of 6 April. Please call us to discuss.

For high earners
The 50% tax rate on £150,000 may apply to you. The higher rate tax threshold has been lowered and new allowance restrictions apply to those earning over £100,000. Your last minute decisions will make a difference. Please call to discuss.

Pensions – the rules have changed a great deal and a lot more flexibility has been introduced. As in previous years standard and higher rate tax can be saved by investing in a good pension or topping-up an existing one. You may also be holding a very expensive plan. Call to get a free analysis that could save you money.

Capital Gains tax free allowance £10,600 – use it or lose it. This tax year £10,600 of gains can be made tax free so you may want to realise some gains before the end of the year.

ISA annual allowance £10,680 – now is the time to top up your ISA and a chance to check that you are still getting a good deal going into the new tax year.

Investing in equipment for your business – if you are thinking of making a purchase in the near future then see if this can be done by the 31 March (limited companies) or 5 April for sole traders and partnerships. Then the tax relief on your purchase will arise twelve months earlier.

Other matters

Estate Planning
Something many of us are tempted to put off is writing or updating our Wills and taking steps to ensure that as little Inheritance Tax is paid on our Estates as possible. This reluctance on our part could prove to be very costly indeed.

Elderly dependants
Sometimes it can be very helpful to have a friendly expert sit down with an elderly relative to discuss and make sure that their financial requirements are being met in the most effective way.

Advice
Manson Boxa work with the Sunday Financial Group http://www.sundayfinancialgroup.com who can provide you with a free financial review. They often find that nothing needs to be changed, which is always good to know. Alternately they may well be able to suggest ways for you to make worthwhile savings.

For more information contact Jonathan Summers at jonathan.summers@sundayfinancialgroup.com

HMRC have been inviting tax payers to declare any savings interest on offshore accounts.  They are now getting lists of account holders from the offshore banks and are now starting to send out letters.

The new legislation, which came into effect on 1 October 2011, will affect the way recruiters use intermediaries for paying temporary workers.

We can advise clients on how this will affect them, including when to consider using the derogation rules.

“We’ve started working with SignatureSense as it means we can get contracts and legal documents signed online saving time for both our clients and ourselves.

Its part of our goal to deliver services as efficiently as possible, using online services where possible.”

SignatureSense are offering a free trial for all new clients.