End of Year Tax Planning – Act Now!

With 31 January out of the way we’re now thinking how we can help our clients (and potential clients of course- we’d always like more!!) make the most of their money with some tax planning before the year end.

Mike Scott from the HSJ Tax team looks at some of the opportunities you can consider.

For Individuals have you:

  • 1. Made full use of your ISA allowances and pension contributions?
  • 2. Taken advantage of your full capital gains tax personal exemption?
  • 3. Utilised your annual gift exemption for Inheritance Tax?
  • 4. Transferred any income generating assets to a lower income earner to qualify for tax savings?

For Business owners:

  • 1. Can you pay a non-earning or low tax earning partner or spouse a salary to earn tax relief?
  • 2. As a shareholder can you pay yourself a dividend before 5th April?
  • 3. Are you eligible to make additional contributions to your pension?
  • 4. Thinking about buying a vehicle or equipment – should you buy now or after 31st March?

Would you like a review of your tax position?

As part of our hsj helps series of advice to business and individuals we are offering a Tax Health Check where we can meet, review your tax position and advise you on the best way to make the most of your money for a one off fee of £75.

Book your meeting now just call Mike on 0845 365 1000 or email us at tax@hsj.uk.com.

If you’d like more straight talking financial advice why not follow @HSJhelps on twitter or find us on Facebook and Linkedin too?