After 3 years with Broadway Financial Planning, we are happy with the progress of our investments and high standard of service given. It’s reassuring to have the annual, comprehensive review with Keri, thank you.
With the end of the tax year just around the corner, we thought it would be helpful to remind you of some of the planning techniques used by us with clients to maximise tax allowances available. Whilst most of our clients will have already used these through the planning process, we’ve created a checklist of our top tax year-end planning opportunities to pass on to friends or family.
• Maximise tax relief up to the highest possible rate
• Recover personal allowances and child benefit via pension contributions
• For high earners, making a pension contribution before the tax year end could increase your annual allowance which may otherwise be lost
Those approaching retirement:
• Boost pension saving now before triggering the Money Purchase Annual Allowance of just £4,000
• Where possible, ensure you have utilised any carry-forward relief available
• Sacrifice bonus in exchange for an employer pension contribution
• Take profits as pension contributions
Use ISA allowances:
• Ensure the maximum £20,000 allowance is used, where possible
• Ensure that in the event of death any spousal allowance is utilised
• Take profits using the Capital Gains Tax (CGT) annual allowances of £11,700
• Recycle savings and investments into a more tax-efficient wrapper
• Cash in bonds effectively using your available personal allowance or personal savings allowance
Effective tax planning is a year-round job. It’s only at the end of the tax year that you have all the pieces to complete the planning jigsaw, and with only just a short time before the end of the tax year, there’s no better time than to review these outstanding matters.
If you think that you could benefit from any of the points above, please contact us.
Keri Carter CFPTM
Certified Financial PlannerTM