Tax Planning

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In the latest UK200Group blog post Paul Hawksley, Partner TWP Accounting provides details of 10 key tax allowances which should considered before the end of the current tax year

Paul Hawksley
With just a few weeks until the tax year ends on 6 April 2018, you have a little time left to ensure your tax affairs are in place and you have used all of the reliefs and allowances available to you. Below is a summary of 10 key allowances that you should consider before it’s too late.

1) Capital Gains: Have you used your annual exemption for 2018-19 of £11,700?

2) Inter-spouse transfers: Have you maximised capital gains and income tax rates and allowances through these exempt transfers?

3) ISAs: Have you used your maximum annual investment of £20,000?

4) EIS/VCT investment: Have you considered these investments, which offer income tax relief, as well as possible capital gains tax deferral

5) Junior ISAs or Child Trust Fund: Has £4,260 been invested for any child under the age of 18?

6) Personal allowance: Have you made full use of your personal allowance of £11,850?

7) Pensions: Have you made full use of allowances for pension contributions?

8) Inheritance Tax: Have you made full use of gift exemptions including the £3,000 per annum allowance.

9) Business structure: Are you operating under the most tax efficient business structure? In some cases, it may be advantageous to operate as either a company or an unincorporated entity.

10) Dividend taxation: Have you utilised your Dividend Tax Allowance of £2,000?

For a copy of our latest Tax Planning Checklist click here

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