Many farm businesses have a 31 March or 5 April year end and so it is important to think about year end planning now. Here are a few basic tax planning ideas taken from our checklists:
From our Business Tax Planning Checklist:
- Can you bring forward revenue expenditure to reduce your profits?
- To maximise capital allowances (up to £100,000) you may consider bringing forward equipment purchases.
- If you are a higher rate taxpayer, consider making additional pension contributions before 5 April 2011.
From our Personal Tax Planning Checklist:
- Have you and your spouse used your ISA allowances
up to a maximum of £10,200 for 2010/11?
- Have all the family utilised their available personal allowances of £6,475 for 2010/11?
- Have you considered, for Inheritance Tax purposes, using the £3,000 annual gift allowance?
If you would like a copy of our full tax planning checklist,
Jonathan Crowther FCA or Sophie Howard ACA at
Pershore (01386 552644) or Ledbury (01531 631500)