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All Paul Limited

17 Longwood Crescent, Shadwell, Leeds LS17 8SR

Serving Alwoodley, Shadwell, Roundhay and more.

Telephone: 0113 225 2232

Email: Send us a message by clicking here.

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ACCA Accountants in Leeds

Leeds Accountants, making a difference

© 2018 by All Paul Limited.        All Paul Limited is a company registered in England and Wales with company number of 08367537.

Director: Paul Clifton

  
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Business and staff entertaining - the tax consequences!

November 7, 2019

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Don't waste your personal allowance

March 6, 2016

 

If one spouse or civil partner is working and the other has no taxable income, it is worthwhile considering transferring income producing investments to the non-working spouse/civil partner in order to utilise their personal allowance e.g. bank interest, dividends and property income.

 

This will save tax on the income and will increase the overall return from these investments. This can be useful with even the smallest amounts of savings.

 

Use Non-Taxpayers’ Allowances

 

e.g Mr and Mrs Smith have £25,000 in savings. The entire amount is held in Mr Smith’s sole name.

 

Mr Smith is a higher rate taxpayer and pays tax at 40%. Mrs Smith does not work and has no taxable income. At present, the interest received of £500 suffers tax at 40%, leaving a net amount received of £300.

 

By transferring this money into an account in Mrs Smith’s name and utilising her personal allowance, the interest can be received free of tax. This means that an instant tax saving of £200 can be made.

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