TAX Talk – the blog from RJP

Horrified by the impact of 50% tax on your bill? Want to cut the cost for 2012-13?

January 29, 2012

George Osborne has pretty much confirmed that the 50% tax rate will be here for the foreseeable future.  With the deadline for self-assessment tax payments looming, now is the time most additional rate tax payers will feel the pain and start to wonder whether they might have been able to reduce their tax burden with some careful tax planning. Hindsight is a truly wonderful thing, but straight after the January 31^st filing deadline is one of the best times to formally review your personal and business tax affairs. Virtually all of the changes for the 2012-2013 financial year have now been confirmed and the sooner you put measures in place to limit your tax liability, the better.

Tax planning opportunities are becoming less accessible as the Government looks for new ways to increase its revenues, there are still ways to legitimately reduce your tax bill.

Tax planning for company directors

If you own a business or are a shareholder director of a company, it’s especially important to consider ways to limit your tax liabilities. In particular tax planning offers the chance to:

-       Completely avoid 50%, or higher, income tax rates

-       Use strategies such as income equalisation

-       Optimise the way you take income from your business

-       Give equal consideration to business and personal tax.

Lower future tax bills – guaranteed

During February and March, RJP will be offering company directors and business owners a special opportunity to benefit from a holistic tax planning review. Business owners in particular can benefit from one of these sessions because, by carefully balancing your personal and company affairs, it is possible to considerably reduce your tax liability.

Each tax planning session lasts an hour and we guarantee you will more than cover the cost of the meeting in reduced taxes in the future.

To find out more or to book a session, please contact Lesley Stalker by email at las@rjp.co.uk

 

 

 

Filed under: 50% tax rate,tax planning,tax relief

Tags: tax planning, tax relief