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Category: Tax planning

Top 4 tips for good tax planning

What should I consider before the end of this tax year?

The end of the 2019/20 tax year is fast approaching, and there are a number of valuable allowances and reliefs that will be lost if they are not used before the deadline.

Tax-wise

Make the most of your valuable allowances, reliefs and exemptions

Once we enter January, the end of the 2019/20 tax year will be just over three months away on 5 April. As this date approaches, the window of opportunity reduces if you want to make the most of valuable allowances, reliefs and exemptions that could help reduce your tax bill and make sure your finances stay tax-efficient.

Taxing times

‘Top 5’ list of planning areas

Making sure you use up any allowances you are entitled to is the first step to reducing the amount of tax you may be liable to pay. We’ve provided our top five list of planning areas to consider before 5 April 2020, the end of the 2019/20 tax year. The rates given are correct for the 2019/20 tax year.

New tax year

The key changes you need to know

You want to pay the minimum amount of tax legally possible. We want that for you, too. The 2019/20 tax year started on 6 April, and in general taxpayers will have more money in their pocket after increases to allowances came into force, but there are a few losers, in particular those selling shares and buy-to-let landlords.

Tax action

Getting your tax affairs in order before 5 April

This time of year is your last chance to get your tax affairs in order before the end of the 2018/19 tax year. We’ve provided a summary of some key tax and financial planning areas which may be appropriate to certain taxpayers and should be considered prior to the end of the tax year on Friday 5 April 2019.

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