It’s not too late – make the last few days of the tax year count

If you haven’t reviewed your financial affairs, it’s not too late but you need to act fast to make the most of opportunities to reduce your tax bill before the 5 April deadline.

Now is the time to check:

• If your income exceeds your personal allowance, could you save tax by passing some on to your partner, if it were to fall within their personal allowance?
• Could you top up your pension contributions? Tax relief is available on such contributions
• Have you made use of your annual inheritance tax (IHT) exemptions? The general annual exemption is £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 £4,260 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.

These are just a few examples of the many savings that can be made by prudent year-end tax planning. For more information on these and any other tax planning issues, and opportunities that could help you reduce your tax bill, please contact us.