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Financial planningFor individuals

Tax tips for 2012

By January 13, 2012February 12th, 20192 Comments

Want to ensure you pay less tax, or reclaim what’s owed to you? See below for our tax tips for 2012.

1. Ensure higher rate tax relief is claimed on all personal pension contributions and/or gift aid donations.

2. Business mileage allowance was increased to 45p for first 10,000 miles on 6 April 2011, if your employer has paid less, claim the shortfall against your income and receive tax relief.

3. If your income exceeds £100,000, you may lose some or all of your personal allowance this year and therefore pay more tax. Have you considered making pension contribution to mitigate your tax position whilst increasing your retirement provision?

4. If your income exceeds £150,000, you will pay 50% tax on some of your income. Again, have you considered options to mitigate this liability?

5. The annual allowance for pension contributions can be enhanced by “carry forward” of unused allowance from 2008-2009 onwards. The window for 2008-2009 “carry forward” closes on 5 April 2012 – should you use this allowance now to avoid losing out?

6. Have you utilised your capital gains tax exemption of £10,600?

7. Have you utilised all of the gift exemptions available for Inheritance Tax?

8. Have you utilised your ISA allowance of £10,680 this year?

If you have any questions with regard to saving tax do not hesitate to get in touch with us.


  • David says:

    It is worth reminding people of the changes to gift aid where you can use the entrance to charity theme parks, gardens etc… unreceipted up to £5,000 per year