So another year passes and what an exciting 2019 it could be for you as wouldn’t you like this year to stand out more than any year prior?
Our friends at Red Square Design focus on branding and this might be a great place to start for the new calendar year. Unfortunately creative skills are frowned upon in our profession but when it comes to branding these guys are well worth a conversation with.
Now once your business takes off and you have more money than you know what to do with it and with it being the most fun month of the year for us accountants having to get all of the personal tax returns filed we couldn’t help but put a tax spin on this month’s newsletter.
We thought we’d do things a bit differently though and focus on just a handful key points to consider which are not commonly mentioned in the press but could be very useful to yourself or somebody else that you know:
1. Did you know that you get a separate national insurance allowance in each employed position that you hold?
2. There are a lot of very successful start-up businesses out there that when invested in could lead to significant tax relief; though given their nature the investment itself is of course not free of risk. For example:
a) an investment in a venture capital trust could attract a tax refund of 30% on its investment
b) an investment in either an EIS/SEIS approved business could possibly attract tax relief both on the capital gains and income tax front
3. When it comes to property investments there are a few reliefs that some people might not be aware of:
a) If you don’t have much expenditure there is a relief that you can have that could easily wipe out your tax entirely
b) If your rental income is below a certain amount you might not even need to declare it
c) Lived in a property before renting it out? If so we can still reduce the capital gains tax down to reflect the period you lived there and there is also an additional allowance we could claim on top of this when you sell it.
All of this information is of course correct at the time of writing but with Brexit; in whatever shape it happens, looming we always suggest speaking with us first before taking action with regards to any of the points above.
When it comes to pensions and investments we work alongside our trusted partners to source the right package for you so again get in touch if anything ‘stands out’.