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10 Top Tax Tips

Whatever the Chancellor’s red box reveals on 22nd June in the Emergency Budget, Chas Roy-Chowdhury, head of taxation from ACCA (the Association of Chartered Certified Accountants) has ten non-taxing tax tips to legitimately lighten the load. 1. Be ISA-wise On 6 April 2010, the annual Individual Savings Account (ISA) subscription limit rose to £10,200. The whole sum can be placed in a stocks and shares ISA, or alternatively, up to half can be put into a cash ISA, and the remainder into a stocks and shares ISA. “For a couple, this represents £20,400 savings protected from capital gains or income tax,” says Chas Roy-Chowdhury, ACCA Head of Taxation. “So even though interest rates aren’t as good as they have been, ISAs are still a worthwhile investment... »

Tax Freedom Day

Tax Freedom Day falls on 30 May this year, but with full details of the new Government’s tax policies still to be worked out between the Conservatives and Liberal Democrats, and with an emergency budget still to come, the total UK tax bill is still up in the air, says ACCA (the Association of Chartered Certified Accountants). “Tax Freedom Day has crept forward again this year, mostly on the back of the VAT rise in January. Normally, taxpayers can reduce their tax bill by taking advantage of all the tax breaks and benefits that the state offers,” said ACCA’s head of tax, Chas Roy-Chowdhury. “However, the new coalition has promised big tax changes in the months ahead, the details of which are still unclear. The detailed coalition document hasn’t significan... »