As award winning London based Accountants, we take great care to advise our clients on the pitfalls to avoid and the best ways to ensure you keep as much of your profit as possible.

Watch out for poor advice though…the screen capture was taken from a current Chartered Accountant site. They still believe it is possible to test your IR35 status by reviewing a contract. This has not been the case since 2008,,, Shame on them.

Please see the below link to our free booklet for contractors, which includes some advice on IR35.

https://gordonsknight.co.uk/contractor-accountants-and-ir35-wimbledon-croydon-london

Contractors have a few more weeks to make the most of their tax planning decisions before January 31^st.

Here are a few tips to help you minimise the amount you pay in tax.

• Are you making the most of your tax-free personal allowance? This is currently set at £8,105 for those aged under 65. If you have a partner with little to no income then you may consider transferring part of your income to them. By doing this you can both make the most of your tax free PA. To do this we suggest you contact us to discuss your options, as any transfer has to be as a gift, and cannot be ‘income shifting’. Contact us for more details.

• Each individual has a Capital Gains Tax exemption limit of £10,000 per annum. You may be able to transfer any assets you may have to a spouse or partner before any sale occurs. By doing this you can both then benefit from your individual CGT exemption limit. There are many ways to save you money when it comes to CGT and here at Gordons Knight we are experts in saving tax. We are Chartered Accountants in London and we want to help.

• Make sure you have taken full advantage of your personal ISA allowance this year.

• Are you aware of the increase to Annual Investment Allowance (AIA)? This has increased to £250k for 2 years, starting from January 1^st. Bear this in mind if you are thinking of making any capital spending.

• Remember to have made use of your full pension contribution allowance this year. With a 60% tax rate you should be using pensions as an effective 60% discount.

There are many more ways in which we can help you to save tax. If you are a contractor and your would like to find out more about IR35, saving tax or any other tax related issue then please contact us.

We are London based Accountants in London Bridge, Wimbledon and Croydon and we specialise in Contractors and Freelancer tax. Call 0208 241 3000 Today.

For more information, and a free quote, please contact Gordon D’Silva on 020 8241 3000 or email us: gds@gordonsknight.co.uk.