its not long before the close of the tax year draws near. It is crucial to make use of any personal allowances and tax breaks that are obtainable.
By using the allowances and annual exemptions you could potentially bring down your tax charge substantially. This can normally be done quick and easily with the advice of a financial adviser.

Tax effective investments

Individual savings accounts
Individual Savings Accounts (ISAs). If you are aged over fifty your Isa allowance for the current tax year is now £10,200. ISA’s are free from capital gains tax, can be used to provide an income and are one of the most tax efficient investment products obtainable

Pensions

Pensions are also a tax efficient way of saving for retirement. Most individuals can contribute up to £3600 gross each year and obtain basic rate tax relief on the contribution. Higher rate taxpayers can claim the residual on their self assessment.

Capital Gains Tax Opportunities

If you have made profits on certain types of investment you may be able to use your annual capital gains tax allowance. This will allow you to make gains up to this threshold without incurring a liability to pay tax. In many examples it is also viable to carry forward past year’s losses.

Income Tax Opportunities

Each person can receive a personal allowance of 6475 without acquiring any income tax. For wedded pairs or civil partnerships, where one is a 40% taxpayer it is worth looking to see who owns the investment and perhaps look to transfer assets into the
20% twenty percent taxpayers name.Making gifts is also a means of reducing your liability to income tax.

IHT planning

Each individual can give an IHT exempt gift each year of up to 3,000 in a tax twelvemonth. Any unused allowance can be carried ahead for one year only. If you are able to make gifts out of income without it changing your standard of living you might be able to make gifts above the yearly exemption level.

If you think your estate could be over the Inheritance Tax nil rate band then efficient tax planning can be utilized to reduce your estates likely inheritance liability. This could include a suitably drafted will or instead trust provision.

Consilium Asset Management are Financial Advisors based in Chipping Sodbury, Bristol, South Gloucestershire.

If you are a financial advisor we have set up Financial Vision. Financial Vision offers an financial advisor web site design service to the financial services industry.

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