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Act now or lose tax breaks

Release date: 07/04/2015

Act now or lose tax breaks, says South West expert 

April 5th is the last day of the tax year and the last day on which you can use some valuable tax allowances. Leave it until the 6th and they are gone forever, says Paul Aplin, tax partner at South West firm A.C. Mole & Sons.
“Many people miss out on tax breaks because they don’t realise they may have an opportunity to benefit. I often see people – especially couples – paying more tax than they need to because they have not planned,” says Aplin, who is chairman of the influential Tax Faculty technical committee at the ICAEW (Institute of Chartered Accountants in England and Wales).
He advises the following:
·         Use the annual capital gains tax (£11,000) and ISA allowance (£15,000) by 5 April 2015 or they are lost.

·         Check to see which tax band you will fall into – nil, 40%, 45% or even 60% and consider whether you can reduce your taxable income and fall into a lower tax rate by, for example, paying more into a pension or making a gift aid donation to charity before 5 April.
·         Check with your spouse to see if you have unused allowances as a couple.

·         If you are claiming Child Benefit, check to see if you will face a claw back if you or your partner has income over £50,000 –could you reduce your taxable income and avoid the claw back?

“The General Election is a matter of weeks away. Which tax breaks will still be there this time next year? It’s anyone’s guess, but higher rate tax relief for pension contributions may well not survive in its current form,” he said.

 “The first Budget after each of the last five elections has seen an increase in taxes. There is no reason to think it will be any different this time, especially with the national debt standing at £1.4 trillion. It may be a case of use it before you lose it.”   

Media enquiries
Linda Findlay T: 01392 841402  M: 07598 753 088  E:
Paul Aplin is available for interview. Please contact Linda Findlay, details above, or contact Paul direct on M: 07739 892194  E:
Notes for editors
A C Mole & Sons is an independent West Country firm of Chartered Accountants and Chartered Tax Advisers with several thousand clients across the UK. Clients are both individuals and businesses spanning a broad range of sectors including farming, the motor trade, manufacturing, retail, leisure and professional services. 

The firm filed the UK’s first ever electronic tax return in 1997 and has a national award winning tax team.
Stephen Golby is the firm’s managing partner and advises a wide range of businesses.

David Perry, Chris Loveluck and Rob Selley specialise in advising the farming community on tax and finance issues. 
Paul Aplin OBE is a tax partner with the firm and is also Chairman of the Tax Faculty Technical Committee of the Institute of Chartered Accountants in England and Wales and a member of H M Revenue & Customs Administrative Burdens Advisory Board. 

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