Anna’s Accountancy Alerts – February 2020 (Week 45)

Professional executive Business colleague team working and analyzing with new project of accounting

Time For Year-End Tax Planning

Now that the end of 19/20 is in sight what tax planning do you need to do?

  • Have you taken enough money from your company to cover the basic rate (£37,500)?
  • Make sure you definitely cover your £12.5K personal allowance.
  • Have you made as many pension contributions as you can?
  • If you’ve already reached the basic rate, then defer taking any further income until after 5/04/2020. Borrow the money from your company instead.

Request PAYE Refunds From HMRC

If the refund is too large to offset against future PAYE/NI payments, then ask for it back from HMRC.

Phone them on 0300 200 3200 or do it online https://www.gov.uk/payroll-funding

They won’t refund automatically!

On Contracts – Enter 2020 Not 20

Don’t abbreviate the year 2020 to 20 on important documentation, such as contracts.  If you use 20 then it can easily be altered to a different date also it won’t be clear when the document came into existence.

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.