Before 5th April it's a good idea to review your investments and finances to ensure that all available reliefs have been utilised. The following are some pointers:
Top up your ISA investments - the current maximum limits are £10,680. This can be invested into either a Cash ISA or a Stocks & Shares ISA or split between them. Junior ISAs are available for those under the age of 18 who do not have a Child Trust Fund.
Review Share portfolios - where possible utilising your Annual CGT Exemption of £10,600. If you have gains exceeding your exemption consider crystallising available losses. Ensure that unused losses from previous years have been carried forward. Review your holdings to ensure that you are not sitting on holdings with a negligible value which can be set against current year gains.
Top up pensions - currently £2,880 can be paid into a pension for an individual regardless of their income levels. Consider this for children and spouses. Higher rate earners will have their contributions capped at £50,000 per annum and tax savings can still be obtained on these.
Set up a company pension - arranging for your company to make contributions on your behalf will reduce the amount of tax paid on profits
Is your accounting year working for you? - consider changing your business year end in order to give you advance warning on future tax liabilities.
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