Planning for the Tax Year End?
The tax year end is rapidly approaching and you don’t have long to use up various allowances that expire on 5th April 2015, so it really is time to take action now should you wish to do so. Despite the media and politicians doing their best to confuse everyone about tax, tax avoidance is actually perfectly legal and something that is encouraged. By way of example….
- NS&I Premium Bonds & Children’s Bonds
- ISAs – Annual Allowance
- Pensions – Annual Allowance, Lifetime Allowance, Carry Forward Allowance
- Capital Gains Tax Allowance
- Personal Allowance
- Nil Rate Band Allowance (inheritance tax planning)
- Giving Allowance (£3,000 per person)
- Enterprise Investment Schemes, Venture Capital Trusts, Small Enterprise Investment Schemes
- Business Property Relief
There are lots of ways to reduce tax, married couples have even more options. Tax evasion is illegal not tax avoidance. It is certainly true that some schemes are deliberately aimed to test the law on this, but nothing that any of our clients use or would even want to use. Hopefully by now you will have received the lates copy of Talking Money, let me know if you haven’t – we have run out of stock, but you can see an online copy here.