With 5 April 2018 fast approaching, time is running out for tax planning in the current tax year. Our guide can help.

With the clock counting down, now is the time to check if you have maximised your use of available reliefs and allowances and have minimised your tax bill.

Our 2018 Tax Planning guide for individuals is available for download and covers various areas you may wish to consider before 5 April.

Key income levels to watch:

  • Beware of child benefit claw back where your income exceeds £50,000.
  • Beware of losing personal allowances where your income exceeds £100,000
  • Beware of paying 45% tax where your income exceeds £150,000

Tax planning tips

Our downloadable guide contains more information, but here are a few tips to consider:

  • Make pension contributions or charitable donations to reduce your taxable income
  • Transfer 10% of your personal allowance to your spouse or civil partner where it would otherwise be wasted.
  • Transfer income-generating assets to your spouse or civil partner to make income levels more tax efficient.
  • Make use of your annual ISA allowance and the junior ISA for your children
  • Talk to us about investing in business schemes that offer income tax relief
  • Discuss with us the most tax-efficient extraction of funds from you family company
  • Make use of your annual reliefs for capital gains tax and inheritance tax

There are many more suggestions in our guide.

If you would like to discuss any of the ideas in our guide, please contact your usual Bishop Fleming adviser.

 
 
 

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