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Ten tips on personal finance for consideration in making your tax return; Money INVESTMENT AND TAX INCOME -TAX RETURNS: Working out your return should be an ongoing process over the year rather than a momentary action - so keep these points to check off periodically.


1.If you did not receive a tax return for the year to April 5, 2001 but started receiving untaxed income during that year or made a capital gain, tell the Inspector now, the deadline for advising the Inland Revenue of this was October 5, so don't delay, tell the Inspector now.

2.Remember that any pension payments which you want to carry back to 2000/01 to use any unused personal pension relief must be made by January 31, 2002.

3.If you use your own car for business, keep a note of the mileage as you may be able to claim an additional expense on your tax return of the difference between the amount reimbursed to you by your employer and the Inland Revenue's fixed profit car scheme rates.

4.If you relocate due to your employment remember that any expenses up to pounds 8,000 which are paid by your employer are tax free. Anything in excess of this is taxable.

5.You can make any number of gifts of up to pounds 250 per beneficiary without incurring Inheritance Tax.

6. If you are married and your spouse is liable to tax at lower or basic rate, consider transferring income-producing assets to them in order to reduce your overall tax liability.

7.You must keep records for at least 22 months after the tax year to which they relate. It has been a legal requirement for you to keep records of your income and expenses for tax purposes since April 1996.

8.Employers, remember that the national minimum wage has increased from October 1, to pounds 3.50 for 18 to 21year-olds and pounds 4.10 for the over 21s.

9.If you are an employer and owe money under a PAYE settlement for 2000/01, it should reach the Collector of Taxes by October 19.

10. If you are an employer and have five or more employees in your company and the Stakeholder Pension Scheme legislation applies to you, you must provide access to a pension scheme from October 8.


ATWORK? If you use your car for business, check on item 3
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Copyright 2001 Gale, Cengage Learning. All rights reserved.

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Title Annotation:Business
Publication:Western Mail (Cardiff, Wales)
Date:Oct 6, 2001
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