End of Tax Year Planning

With only 30 days to go until the end of the tax year on 5^th April 2015, now is a good time to think about talking to your financial advisor and accountant about tax and financial planning if you haven’t done so already. Some things to consider include:

• Making use of your annual allowance into the New Individual Savings Account – currently £15,000 for the 2014/15 tax year.

• Talking to your Financial Advisor about making pension contributions and the changes in pension rules coming next month.

• Use of your capital gains annual exemption (£11,000 for 2014/15).

• IHT tax planning, including the £3,000 annual exemption for gifts. Your 2013/14 exemption may also be available if you haven’t used it yet.

Your accountant is likely to have further tips and advice, based on your individual circumstances, so do use the next month to liaise with them!