7 Things to do before the end of the tax year

5 April, the end of the tax year is fast approaching, and we at S J Baker Accounting want to help you make use of all the tax free allowances you can. Here is a list of 7 things that you could be doing before the end of the tax year.

1. Top up your pension contributions if you can. • You can put up to £40k away this year • You get income tax relief if you are a higher rate tax payer • You can use the allowance from the previous 3 years

2. Top up ISAs for tax fee savings • You can put away up to £15k

3. Income Tax Allowance if you are born before 06/04/1948 • Fill in a P16 form – you are entitled to a higher personal allowance of £10,600.

4. Inheritance Tax • You can gift £3,000 per annum with no Inheritance Tax • You can gift £6,000 if you didn’t use the previous years allowance

5. Junior ISA under 18 • You can save up to £4,000 for a child tax free

6. Invest in a Venture Capital Trust • Dividends are tax free with no capital gains tax when you sell your shares • Up to £200k can be invested • You get 30% tax relief • Shares must be held for 5 years • However, investing in a Venture Capital Trust can be risky

7. Top up dividends if you can • In 2016/17 there will be 7.5% basic rate tax on dividends • Currently they are tax free

Speak to Selena at S J Baker Accounting if you would like to explore any of the above options. Tel: 01793 495559 or email sjbaccounting@hotmail.co.uk.

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SJ Baker Accounting Ltd, 45B & C The Shaftesbury Centre, Percy Street, Swindon, Wilts SN2 2AZ| Tel: 01793 554870

Registered in England number 07780851 | Registered Office - 27 Old Gloucester Street, London, WC1N 3AX

 

 

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