As I write this, I’m starting to enjoy the Easter holiday with the family. Easter is traditionally a time for a new start, with fresh blooms abundant in our gardens. The weather in the UK this week has certainly fooled us of this fact, however!
Weather aside, the seasons do move on, and spring will inevitably make its presence known to us. With the new tax year only a week away, now is the time for many people to have a spring clean of their finances.
Our younger two are back home from university for the holidays, revising for their exams. Like our eldest offspring, they are clearly in the process of benefiting from the investment they have made in their higher education.
Our family are now getting towards the back end of their university life. There are concerns about future university fee increases following the threefold rise in 2011 and how the Student Loan system will adapt. If you have younger children who you envisage may go to university, have you considered how you or they will pay for the total cost of higher education? A student loan will cover the fees and part of their maintenance costs. Tax efficient ways to consider for the remainder may be to fund a Cash ISA or a Stocks and Shares ISA in your own names and then use the funds when needed. If you are happy for control of the funds to pass to your children on their 18th birthday, a Junior ISA in their own name funded by you is another option.
ISAs are great tax free investment vehicles offered by the Government to be used for a multitude of purposes. If you have available funds, you should be taking advantage of this each and every year.
Your ISA allowance. Use it or lose it.
We have access to IFAs who can provide you with a free review of your finances to help you get the best out of your money and help you reach your goals.
A new flower has been sprouting in HMRC’s garden in the form of RTI. It starts to bloom for employers on 6 April 2013. Our clients will have seen this and heard us talk about it in recent months. RTI means that you must submit a full breakdown of your payroll every time you run the payroll. This is usually completed automatically by your payroll software.
A new system of penalties is to be introduced for non or late compliance. This will not apply until the 2014/15 tax year, but you should establish all necessary disciplines before then. Other penalties still apply for late payments or returns.
If you are unsure about any aspect of RTI or simply want to ask a question, just get in touch.
Can We Help?
If you would like to find out more about how changes to stamp duty rates could affect you, get in touch with UWM Accountants. Give our expert team a call today on 0113-231-0202, or simply e-mail mail@uwm.co.uk.
