The information contained within the following news articles have been pre published. The articles were published on the dates indicated and the information contained within these issues include references to taxation, legislation, regulation and other issues or concerns that may no longer apply
Time to review your position
With the end of the tax year fast approaching, now is the time to consider your tax affairs and make sure you take advantage of the allowances available. If you don’t act soon, you will lose the opportunity for good.
There are a number of issues which can, relatively easily, help minimise your liability:
1) Use your allowances
You get a tax-free allowance for both income and capital gains. Most of these cannot be carried forward, so use them each year as much as you can.
2) Maximise your pension contributions
You can now get tax relief on pensions contributions of up to 100% of your salary each year (subject to lifetime limits). It is worth making sure you maximise your contributions – and select the right pension or investments – to help ensure a secure retirement.
3) Consider tax advantageous investments
You get an annual ISA allowance to help reduce your income and capital gains tax bill on investments. This can shelter a whole range of different assets – from secure building society accounts right through to higher risk equities. For those with a significant tolerance for risk, there are also some even more sophisticated schemes available which might be of interest.
4) Plan your inheritance
Inheritance Tax now comes with the ability to pass unused allowances between married and civil partners. If you have not already done so, this is a good time to also look at your plans for beneficiaries and ensure you are making the best of all opportunities now available.
At Census Financial Planning, we have the independence, the qualifications, the experience and the research capabilities to help you make the most of the financial opportunities available. If you would like our help, please give us a call on 02890 668700 or email us at firstname.lastname@example.org. It could save you a great deal.
Note: The Financial Services Authority does not regulate tax advice