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TAX TIPS 2012/13
Introduction
Tax laws change every year and sometimes more often than that.
You need to review your personal finance situation regularly to
make the most of your reliefs and allowances, and to ensure
you save tax wherever possible. These Tax Tips are designed
to act as prompts to help you to judge which ideas might
be relevant to you or your business. This guide has been
revised in the light of the changes to the law proposed in the 2012 Budget.
General approach
to tax planning
1If a tax planning scheme sounds too good to
be true, it probably is. In particular, do not get
involved in a tax scheme that relies on the non-declaration
of income or capital gains, as that would be illegal.
2Bear in mind that the tax effect of a decision is only one
element to consider. The commercial, practical and financial
implications of the decision should always be taken into account.
3Tax planning can be undone by not submitting the correct tax forms
on time, or not paying your tax liabilities by the due date. In either
case HMRC will levy penalties which could exceed the tax due, or wipe out any
tax savings made.
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CONTENTS
Introduction 1
General approach to tax planning 1
Personal and family tax planning 2
Tax and your property 4
Tax-efficient retirement planning 5
Tax and your business 6
Savings, investment and tax 8
Employment and tax 9
Overseas income and gains 10
Tax and your estate 11
This publication is for general
information only and is not
intended to be advice to any
specific person. As with all tax
planning, you are recommended
to seek competent professional
advice before taking or refraining
from taking any action on the
basis of the contents of this
publication. The publication
represents our understanding of
law and HM Revenue & Customs
practice as at 31 May 2012.
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