With the end of the tax year 2010/11 fast approaching there are several opportunities that will be gone come 2011/12.
Here are some of these opportunities:
- Pension Contributions: As of 6 April 2011 the annual allowance for pension contributions will be reduced to £50,000 as opposed to the £255,000 in 2010/11. If you are considering making lum sump contributions to a scheme then it is important to take advice as soon as possible because other factors may affect your planning
- Trusts & Estates: There is still a possibility for Capital Gains taxable on the settlor to be charged at the old rate of old rate of 18% even if the gains are realised after the 23 June 2010.
- National Insurance Contributions: With an increase of 1% due in 2011/12, a bonus paid before the end of the tax year will make an effective saving, compared to the bonus being later.
If you require any help with your tax planning, please contact Eaves & Co at either our Leeds or Southport offices for an initial consultation.