Guide to Year End Tax Planning

Feb 1, 2018 | Tax

It’s important to take the time to give your finances a year-end check-up. The 2017/18 tax year ends on 5 April 2018, with the new tax year beginning the following day, on 6 April. These are important dates for financial planning, so it’s important you don’t miss the chance to make the most of valuable tax-efficiencies and allowances.

Don’t miss the chance to make the most of valuable tax-efficiencies and allowances

Time is running out to make important planning moves before this tax year’s end, so don’t delay – we’ve provided some of the key areas that could help you make the most of your money.

  • Maximise Your Individual Savings Account (ISA) Allowance
  • Don’t Overlook Pension Contributions
  • Take Your Pension To The Max
  • Capital Gains Tax (CGT) Allowances
  • New Rules On Inheritance Tax (IHT)
  • Small Gifts Are Exempt From Inheritance Tax (IHT)
  • Additional-Rate Taxpayers
  • Tax-Efficient Investments
  • Utilise Your Spouse’s Personal Allowance

PENSION CONTRIBUTIONS AND OTHER TAX PLANNING OPTIONS, SUCH AS PUTTING INCOME PRODUCING ASSETS INTO A LOWER-RATE TAX PAYING SPOUSE’S NAME, COULD BE USED TO REDUCE THIS.

Time to carry out a review of your tax and financial affairs?

The end of the tax year on 5 April is once again looming large on the horizon. It is important to ensure that if you have not done so already, you should take the time to carry out a review of your tax and financial affairs to identify any tax planning opportunities and take action before it’s too late.

To discuss your situation or for further information, please contact us by clicking here – we look forward to hearing from you.

Published by Goldmine Media Limited Basepoint Innovation Centre, 110 Butterfield, Great Marlings, Luton, Bedfordshire LU2 8DL Articles are copyright protected by Goldmine Media Limited 2018. Unauthorised duplication or distribution is strictly forbidden.

INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM, TAXATION ARE SUBJECT TO CHANGE.

THE VALUE OF INVESTMENTS AND INCOME FROM THEM MAY GO DOWN. YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.

PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE PERFORMANCE.