The Langdowns DFK Twelve Tax Tips of Christmas

Dec 16, 2014 | Uncategorized

Over the last few weeks we have brought you the Langdowns DFK Twelve Tax Tips of Christmas. We hope that you found each of our tips useful, but just in case you missed one, we’ve outlined them all for you below. Enjoy!

Do you have the optimum split of salary and dividends?

Have you used your pension contributions to minimise your tax bill?

Have you maximised your ISA allowance?

Did you know that you can claim a 10% ‘wear and tear’ allowance against furnished rental property, rather than the actual expenditure?

Are you able to manage the timing of capital gains so they span the tax year end to double your annual exemption to £22,000?

Are you able to transfer assets to your spouse, to instead quadruple the annual exemptions to £44,000?

If your company does research and development, you can get up to 225% tax relief on the amount spent!

Could you tax advantage of the £150 per head tax exemption for annual staff functions?

Could you reduce your tax bill by paying your family to work in the business?

To minimise inheritance tax, did you know you can gift up to £3,000 as a wedding present?

Do you claim the extra relief when you make Gift Aid donations?

Can you transfer ownership of income producing assets to your spouse, if he/she pays a lower rate of income tax?

And finally, a Merry Christmas and a Happy New Year from all the team at Langdowns DFK!

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