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Making the most of Individual Savings Accounts (ISAs)
ISAs are not just for you but for other members of your family. They can be used by parents or grandparents to transfer funds to future generations and assist children to save for their future.
The income and capital gains generated is tax-free and not taxed when withdrawn.
The government will add a 25% bonus on some ISAs.
The facts:
ISA
An annual allowance of £20,000 can be invested by UK residents over 18 (16 or over for a Cash ISA).
Junior ISA
An annual allowance of £9,000 can be invested per child.
Lifetime ISA (LISA)
Up to £4,000 of the ISA limit (above) can be contributed.
This is only available for those aged between 18 and 40 at the time of opening the account.
Contributions can be made up until the age of 50.
A bonus of 25% of that year’s contributions is added on each contribution.
The bonus is only retained if the LISA is used to:
purchase a first home for less than £450,000, or
withdrawn after the age of 60.
Trading and property allowances
These allowances are designed to exempt modest amounts of income for example from sales on eBay and Amazon and rentals from Airbnb.
Each allowance is £1,000 tax-free.
In addition, rent-a-room relief can be claimed if part of your home is let out. Up to £7,500 can be received tax free.
Marriage allowance
Up to £1,260, 10% of the personal allowance, can be transferred to the spouse/civil partner where one party to the marriage/civil partnership is a basic rate taxpayer, and the other has income below the personal allowance. The reduction in the tax liability for the basic rate taxpayer is up to £252 in the current year.