As another tax year end approaches it’s important to finalize your end of year tax planning to reduce your tax bill wherever possible.
The current tax year ends on the 5th of April in the UK, so reviewing your tax affairs now will enable you to make the most of any allowable deductions and strategies available to minimize or mitigate your potential tax burden.
So in this article, I’m going to look at the end of year tax planning with a few tips that will help you to protect yourself, your family and your future.
To start with we need to identify any tax planning opportunities and personal circumstances may differ, so if you have any questions or if you have any particular areas that you are concerned about then please do not hesitate to contact.
If you have not done so already take the time to carry out a review of your own tax financial affairs to identify any tax planning opportunities and take action before it’s too late.
Here are my 12 tips to help you get ahead on managing your tax affairs (clicking on any of the tips will take you direct to that section in this article):
1. Check your PAYE tax code
2. Transfer part of your personal allowance to your spouse
3. Contribute up to £9,000 into your child’s Junior ISA
4. Individual savings accounts or ISAs
5. Utilise any capital losses
6. Maximize pension contributions
7. Pay pension contributions to save national insurance contributions
8. Make a will or review your existing wills
9. Leave some of your estate to charity
10. Make a regular inheritance tax free gifts
11. Use the inheritance tax marriage exemption
12. Make inheritance tax fee gifts each tax year
A video of this article is available if you would prefer to watch (see below). You can also just listen to it here, or simply read on below the video.