If you haven’t yet made the most of all available tax reliefs, you need to take action now, before the 5 April deadline.
With just a few days to go, you may wish to urgently consider the following:
- Could you top up your pension contributions? Tax relief is available and if you own a company it could make the contribution and also potentially claim a business tax deduction.
- Have you made use of your annual Inheritance Tax (IHT) exemptions? Each individual has a general annual exemption of £3,000 (plus last year’s £3,000 exemption if you did not use it).
- Have you paid the maximum of £20,000 into your ISA?
- Junior ISAs or Child Trust Fund: Has £4,128 been invested for any child under the age of 18 in the last tax year?
- Don’t forget about Lifetime ISAs if you are between the ages of 18 and 40. LISAs enable you to save up to £4,000 each year and receive a Government bonus of 25 per cent on any savings deposited before your fiftieth birthday.
Taking time to put in place a range of tax planning measures can reduce your overall tax bill. If you haven’t already done so, or would like information on opportunities which are appropriate for your personal circumstances, please contact us.