7 tips on being more tax efficient and keeping our fees low.

1. Use bookkeeping software.

2. Get ready for "Making Tax Digital". Use cloud storage to keep your records.

3. Use a separate bank account to track your business/rental income.

Either use an existing personal account (clear it down to nil first) or open a new one.

4. Review your pensions.

5. Review your Inheritance tax position.

Where your estate exceeds £325,000 (x 2 for husband and wife) (plus any part of deceased spouses unused nil rate band) then the excess is potentially chargeable at 40%. You can check whether this is an issue by adding up all your assets. We have an excel “Estate valuation” worksheet which will help with this. Give me a call if you would like a copy.

If you plan early you/your estate/your family can make significant IHT savings. This is not an area I specialise in however I do recommend you buy and read the Taxcafe guide which sets out the options available to you.

6. Know your filing deadlines.

7. Don't leave matters until the last minute.

Work in progress 21 March 2018.