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Issue:
4494
/
Categories:
Comment & Analysis
, Admin
, Capital Gains
, Income Tax
, International
, Investments
, Residence & domicile
, Venture capital
Last-minute planning tips
KEY POINTS
- Check clients’ PAYE notices of coding for 2015/16.
- Make the most of unused pensions annual allowances from earlier years.
- Does the client need to crystallise gains or losses before 5 April?
- Review only or main residence elections in light of the new regime for non-residents.
HMRC are likely to have issued a new PAYE code for 2015/16 after the submission of clients’ 2013/14 tax returns in January.
It is worth checking the codes before the first payday in the new tax year to ensure client’s allowances are correctly stated including relief for pension contributions charitable donations and enterprise investment scheme and venture capital trust investments.
From 2015/16 class 2 National Insurance on trading profits will be collected through the tax return as part of the self-assessment liability. It will therefore...
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