Make some New Tax Year Resolutions

9th May 2011

Some of the issues worthy of consideration earlier in the Tax Year include:

1) Use your Allowances

You get a tax-free allowance for both Income and Capital Gains – capital gains allowances are rarely used and a family of 4 can make up to £40,400 between them, completely tax free. A spouse or civil partner also have their own allowances which you can use to mitigate tax on any gains you have made. Children can use their own allowances – even for money gifted to them by their parents (unlike income). You can only make full use of these allowances if you are well prepared early in the Tax Year.

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