With the tax year-end fast approaching, it is time to turn your mind to whether there are any measures you can take prior to the beginning of April, which may improve your tax position.
PKF Francis Clark has produced a personal tax year-end planning guide which runs through some simple housekeeping actions to get your affairs in tip-top shape for the coming year.
Tax advice isn’t just for the very rich – as the uprating of numerous allowances and rate bands fails to keep up with inflation, more and more people are being brought into the scope of higher taxes and some very simple and basic rearrangements of their affairs can result in savings.
We are not speaking here about the type of complex ‘schemes’ that HMRC is likely to challenge, but simple uncontentious measures such as using all of your available allowances and reliefs, and planning the timing of gifts or disposals, to ensure that you minimise any tax payable. Making pension contributions and charitable donations can also legitimately reduce tax, whilst saving for the future.
Please speak to your usual Financial Planner if you would like more information on any of the topics covered.