There are a number of tax-efficient allowances you use of before it’s too late, here’s our checklist of things you should consider.
Pension contributions are a tax efficient way to plan for retirement.
Currently, pension contributions:
Qualify for tax-relief (assuming they are made within prescribed limits)
Can help higher rate (40%) and additional rate (45%) taxpayers to reduce their taxable income and reinstate some of their lost Personal Allowance
Can be made based on unused Annual Allowance for up to three years. Consequently, the allowance from 2015/16 must be used by 5th April 2019
Would you like help to maximise your pension contributions before the end of the tax year, to tax-efficiently plan for retirement? YesNoN/a
Inheritance Tax (IHT) is payable on estates over a certain value. However, careful planning can help to reduce the amount payable and maximise the value of your estate left to your loved ones and good causes:
The annual gift exemption allows you to make up to £3,000 of gifts which are immediately excluded from your estate for IHT purposes. However, the amount can only be carried forward for one year. Therefore, on 6th April 2019 you will have lost the ability to carry forward the exemption from the 2017/18 tax year
Other annual exemptions apply to certain additional gifts, the allowances, again, may expire if they have not been used
Would you like help to use your 2018/19 annual exemptions? YesNoN/a
ISAs (Individual Savings Accounts) provide a tax-efficient shelter for capital whether it is held in Stocks and Shares or Cash.
ISA contributions are subject to a maximum annual contribution of £20,000 (£4,260 for a Junior ISA). However, the allowance cannot be carried forward from one tax year to the next
Would you like help to use your 2018/19 ISA allowance? YesNoN/a
Capital Gains Tax is payable on the profit you make when you sell or dispose of a qualifying asset. The tax is charged on the gain, rather than the money you receive.
You only have to pay Capital Gains Tax on your overall gains above your tax-free allowance, called the Annual Exempt Amount. It is currently £11,700 or £5,850 for trusts
The allowance cannot be carried forward from one tax year to the next
Would you like help to use your CGT Annual Exempt Amount for the 2018/19 tax year? YesNoN/a
Your focus should be on strategic planning to help you achieve your financial goals. However, events and deadlines inevitably need to be considered. We can help you take advantage of the opportunities and avoid the threats presented by the Budget and tax-year end.
Please note: The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.
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