Year-end tips!

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Year-end tips!

We wish everyone a Happy Easter, which falls this year on many companies’ accounting year-end of 31st March.

We would just like to remind all our company owners that there is a way of extracting money from your company tax free in your hands but tax deductible for your company.

You are entitled as a director to take up to £300 in each tax year in trivial benefits.

Your employees of course can receive unlimited trivial benefits as long as they don’t exceed £50 a day. An ideal way to do this is vouchers for retail outlets which cannot be redeemable for cash.

Tax on interest

Interest rates have been very low for a number of years and very few of our clients have earned enough interest on their savings to pay any tax until now. That situation has now changed dramatically and interest rates are much higher.

The first £1,000 of interest receivable is tax free, but this reduces to £500 if you are a higher rate taxpayer and all interest received by a top rate taxpayer is taxable from the first penny.

Therefore, if you are in this position, it would be worth considering shifting some of your savings to a tax free product such as an ISA, for which you can put up to £20,000 cash in any given tax year, which of course ends next Friday 5 April.

Contact Us

The Martlet Partnership LLP
Martlet House
E1 Yeoman Gate
Yeoman Way
West Sussex
BN13 3QZ

Tel.: +44 (0) 1903 600555
Fax.: +44 (0) 1903 600828