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  • Tax Allowances - end of the tax year, have you used all of your allowances?

    By The 123 Contracting Team, 06-Feb-2012 19:07:00

    We're quickly approaching the end of the 2011-12 tax year - 5 April 2012 - if you have not used up your personal tax allowances by this date you will loose the benefit that they provide.

    During the 2011-12 tax year you can receive £7,475 of income tax free. This could be in the form of a salary, bank interest or sole trader profits.

    On top of this you can receive £37,000 worth of dividends and still pay no personal tax.

    If all your sources of income for the 2011-12 tax year total less than £44,475 then you may have some tax allowance left unutilised.

    Now would be the time to get in touch with us to see if you have profits in your company that can be released tax free as a dividend.

    Don't put this off - once we enter the 2012-13 tax year on 6 April 2012, the opportunity will have passed.

    Contact us now to find out more.

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