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Lastminute pre year end tax planning ideas

By Lesley Stalker on 24 March 2016

The tax years ends on 5 April and if you haven’t done so already, some last minute tax planning may be beneficial. Here are our last minute tips

  1. Make any additional pension contributions before 5 April, especially if your income is slightly over £100,000 – these can be used to reduce your income below this level and preserve your personal allowance;
  1. You can also use gift aid donations in the same way;
  1. Consider voting dividends before the dividend tax rate increases on 6 April. (see our previous dividend tax blog). This may be beneficial if it does not push you into a higher tax bracket;
  1. If you have been involved in winding up a company, you will know that there are benefits to finalising this before 6 April (more information about this can be found our earlier blogs on Money boxing and Phoenix trades. If this can’t be achieved, it will be beneficial to make maximum distributions before 6 April;
  1. Are you able to use your annual CGT allowance? Consider doing so before 6 April;
  1. Have you used your annual IHT gift allowance of £3,000? Gifts of up to this amount per annum fall outside your estate immediately and are not subject to the 7 year rule. If you didn’t use this allowance in the previous tax year, you are able to carry it forward for one year only;
  1. Have you used your annual ISA allowance?
  1. Potentially EIS or VCT investments to reduce your tax bill.

To discuss any of these suggestions in more detail, please contact Anne Eager ae@rjp.co.uk or Victoria Rampton wr@rjp.co.uk.

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The tax years ends on 5 April and if you haven’t done so already, some last minute tax planning may be beneficial. Here are our last minute tips

  1. Make any additional pension contributions before 5 April, especially if your income is slightly over £100,000 – these can be used to reduce your income below this level and preserve your personal allowance;
  1. You can also use gift aid donations in the same way;
  1. Consider voting dividends before the dividend tax rate increases on 6 April. (see our previous dividend tax blog). This may be beneficial if it does not push you into a higher tax bracket;
  1. If you have been involved in winding up a company, you will know that there are benefits to finalising this before 6 April (more information about this can be found our earlier blogs on Money boxing and Phoenix trades. If this can’t be achieved, it will be beneficial to make maximum distributions before 6 April;
  1. Are you able to use your annual CGT allowance? Consider doing so before 6 April;
  1. Have you used your annual IHT gift allowance of £3,000? Gifts of up to this amount per annum fall outside your estate immediately and are not subject to the 7 year rule. If you didn’t use this allowance in the previous tax year, you are able to carry it forward for one year only;
  1. Have you used your annual ISA allowance?
  1. Potentially EIS or VCT investments to reduce your tax bill.

To discuss any of these suggestions in more detail, please contact Anne Eager ae@rjp.co.uk or Victoria Rampton wr@rjp.co.uk.