When we are heading towards the end of the tax year, it’s time to take stock of your finances to make sure you’re making the most of any tax reliefs efficiencies available to you. Whether you’re an individual looking to reduce your tax bill or a business looking to optimise your tax strategy, Passman Leonard can help. Here are some things you should consider doing before the tax year ends:
- Topping up your pension: Higher rate or additional rate taxpayers can receive tax relief on pension contributions. Consider paying into your pension before the end of the tax year to take advantage of this tax benefit. Even if you’re a basic rate taxpayer, making pension contributions can still be tax-efficient.
- Maximising your ISA allowance: Individual Savings Accounts (ISAs) are a tax-efficient way to save money. Consider using your ISA allowance to invest in a stocks and shares ISA or a cash ISA before the end of the tax year.
- Considering tax-efficient investments: If you’re looking to invest, consider investments that offer tax benefits, such as Venture Capital Trusts (VCTs) or Enterprise Investment Schemes (EISs). These investments offer tax relief on investments made and can be a great way to reduce your tax charge.
- Planning for inheritance tax (IHT): Inheritance tax can be a significant charge on your estate. Consider speaking to a financial advisor about ways to reduce your IHT liability, such as gifting money or setting up trusts.
- Utilising capital gains tax (CGT) allowances: If you’re planning to sell any investments, make sure you’re aware of your CGT allowance. This is the amount of profit you can make before you’re liable to pay CGT. Make sure you’re using your allowance before the end of the tax year to minimise your tax bill.
- Considering tax-efficient savings options: If you’re looking to save money, consider tax-efficient savings options such as National Savings & Investments (NS&I) products or Premium Bonds. These products offer tax free returns and can be a great way to save money.
- Contributing to a Junior ISA (JISA) or Child Trust Fund (CTF): If you’re looking to save for your children’s future, contributing to a JISA is a great way to save for their future. JISAs are tax-free and can be used for a variety of purposes, such as paying for university tuition or helping your child buy their first car or home.
Let us help you be tax efficient
Passman Leonard is a firm of experienced tax advisors who can help individuals, landlords and businesses to maximise their tax efficiencies. We provide a range of tax services designed to help clients reduce their tax liability, minimise their exposure to risk, and ensure compliance with tax regulations.
Passman Leonard can provide advice on a wide range of tax issues, including income tax, capital gains tax and corporate tax. We can help clients to understand their tax obligations and identify opportunities to reduce their tax liability through tax-efficient investments, deductions, and exemptions.
In addition to tax planning and advisory services, Passman Leonard can also provide tax compliance services, such as preparing tax returns and filing taxes on behalf of clients. We can help clients to stay up-to-date with their tax obligations and ensure that they are meeting all of the necessary deadlines and requirements.
Our firm is committed to building long-term relationships with clients, providing ongoing support and advice as their needs and circumstances change over time. We offer personalised advice and tailored solutions to help clients achieve their financial goals while minimising their tax burden.
Get in touch today via email info@passmanleonard.co.uk or call on 01895 434515 if you have any questions about the things you need to do before the end of the tax year, or any other question relating to accounting services.
