As we approach the end of the tax year, it is an ideal time to review your financial affairs and consider making full use of all the available allowances and tax reliefs in order to minimise higher and additional rate tax liabilities in the current tax year.
Remember to consider:
For further information please contact your usual Moore Stephens adviser.
- Pension contributions – with income tax relief, at your highest marginal rate, on contributions up to £50,000 per annum until 5 April 2014, and potentially up to £250,000 using pension input periods and carry forward allowances to which you may be entitled.
- ISA allowances for tax efficient income and tax free gains – up to £11,520 can be invested per person in 2013/14.
- Capital Gains Tax Allowances – it is possible to realise gains up to £10,900 in tax year 2013/14 without being subject to tax.
- Venture Capital Trusts – up to £200,000 can be invested each tax year, providing 30% income tax relief and tax free dividends.
- Enterprise Investment Schemes – with income tax relief at 30% on investments up to £1m, EISs can be used to defer a capital gains tax liability, and qualify for business property relief to become potentially inheritance tax free after 2 year.
- Seed Enterprise Investment Scheme – up to £100,000 can be invested in a single tax year providing 50% tax relief in the tax year in which the investment is made.
- Business Premises Renovation Allowance – allowing you to claim tax relief of up to 50% on a city centre commercial property investment with no limit on the amount invested.
Wealth management – UK team