| We over paid the tax man by an estimated 10bn last | | | | for immediate tax relief of up to 100%of what you put |
| year, according to IFA Promotion (IFAP) and this simply | | | | in with the maximum being 235,000.00 for 08/09 |
| through tax payers not having the right tax codes, not | | | | 5. For those of you who love a flutter, a reminder that |
| maximizing personal tax allowance, not claiming tax | | | | all premium bonds, national lottery and gambling prize |
| credits, not maximizing their pension investment or | | | | winnings are exempt from tax. |
| savings allowances and by not understanding exactly | | | | 6. Your Individual Savings Allowance is 3600. If you |
| what the individual tax payer can do to save | | | | don't have that in savings this year squirrel it away for |
| themselves money. | | | | the next tax return and enjoy that tax free. For stocks |
| If you are one of the estimated 30 million taxpayers in | | | | and shares the threshold rises to 7200. |
| the country about to submit your tax return this | | | | 7. Planning on giving your home to your children? We're |
| October then there are a few things you should know | | | | in recession so house prices are reduced. It's a good |
| before filing that could help you to be more tax | | | | time to give assets as the inherent value of the asset |
| efficient and save money. | | | | is low and whilst you'll still have to pay inheritance tax |
| 1. Check your tax code and ensure you haven't been | | | | it'll be a lot less than in five years time. |
| paying too much tax. If you're over 65 ascertain if you | | | | 8. If you are selling off assets and are subject to |
| have been awarded the higher personal allowance. | | | | Capital Gains Tax maximize your exemption. The |
| The threshold in this tax year is 6,475, but if you are | | | | current threshold is 9600 per individual. If you are |
| over 65 this rises to 9,490. Check your tax allowance | | | | already over this amount then further disposals that |
| has been upgraded. | | | | result in losses could be set against this amount. |
| 2. Get your return in early! The deadline is 31 October | | | | 9. If you work from home remember to claim your |
| for paper returns and a penalty of 100 plus interest | | | | business expenses deducting your dedicated office |
| and surcharges awaits those who don't. Online returns | | | | space proportionate to the rent/mortgage paid along |
| can be submitted on the 31 January 2010 giving you | | | | with your utilities. |
| more time, security and a written acknowledgment of | | | | 10. Business start ups should remember that they can |
| receipt. Be smart and register for online returns. | | | | claim their business expenses prior to start up for up |
| 3. Married couples. Remember that if your spouse is | | | | to 7 years prior! (Purchase dates must be indicated |
| paying tax on a lower level the higher earner can | | | | though.) |
| make a gift of up to 6035 to them reducing the rate at | | | | Whilst taxes may be on the increase you can avoid |
| which that income will be taxed. Nice saving! | | | | overpaying the taxman and save yourself money by |
| 4. Pensions are still the most tax efficient saving | | | | being careful and prompt with your returns. It pays to |
| method especially if you are a high earner. Whether a | | | | consult an accountant if you're unsure of what you |
| personal or company pension scheme, top it up when | | | | can claim and a good one should save you money. |
| you can to maximize your tax savings. You can qualify | | | | |