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End of year tax planning UHY-Wingfield Slater Accountants Sheffield, Before 5 April each year it is important that consideration be given to maximising tax reliefs and allowances available on an annual basis .

Family owned businesses that have shareholders should where practical ensure dividends are declared to provide maximum earnings at the basic rate of tax. You can earn approximately 41,000 per annum before paying tax at steeper rates. No additional tax is paid by a basic rate taxpayer on dividends received.

People with share portfolios who have not utilised this allowance should consider crystallising gains by selling shares. If it is wished to retain these shares in the portfolio, then they can be repurchased after 30 days or bought back immediately through a spouse or via an ISA investment. People who have taxable gains relating to any asset disposal may also wish to crystallise share losses to offset any tax payable. The annual capital gains tax allowance (currently 9,600) should also be utilised whenever possible.

5 April 2009 if they want tax relief in the 2008/09 tax year Pension contributions can no longer be carried back into previous years so those wishing to make personal pension contributions or additional voluntary contributions into their employer’s pension scheme need to do so before.

Self assessment tax liabilities UHY-Wingfield Slater Accountants Sheffield, If you dont make payment by 28 February 2009 a surcharge of 5% of the tax due will be applied in addition to interest. YOu should note that any balance of self assessment tax due for the 2007/08 tax year which is not paid by 31 January 2009 will accrue interest from that date. Surcharges below 50 are not raised.

Increased Compensation Limits UHY-Wingfield Slater Accountants Sheffield, As of 1st February 2009 the maximum weeks pay for calculating redundancy pay will increase from 330 to 350. On the same day the cap on compensation available for unfair dismissal claims is being increased to 66,200 (previously 63,000).

Increase in Statutory Payments UHY-Wingfield Slater Accountants Sheffield, From 6 April 2009: Statutory sick pay will increase from 75.40 to 79.15 per week for those earning at least 95 per week Statutory maternity pay, adoption pay and paternity pay will increase from 117.18 to 123.06 per week for those earning at least 95 per week. The rules allowing employers to recoup some or all of these payments remain unchanged.

Increased Compensation Limits UHY-Wingfield Slater Accountants Sheffield, The cap on compensation available for unfair dismissal claims is being increased to 66,200 (previously 63,000) from 1 February 2009. From the same date the maximum weeks pay for calculating redundancy pay will increase from 330 to 350.

Andrew Cambridge has written many articles for accountants and accountants sheffield. Lives and works in the UK where he has been helping people with their accounts for many years of his working life.