InsightsInsight - Tax Planning - POSTED: January 14 2019
Inspirational new year resolutions
Are you looking for new year resolution inspiration? Our resolution ideas will set you up for the year ahead
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In the start of the New Year, many turn their attention to setting resolutions and good intentions for the year ahead. Here are some inspirational financial resolutions for you to give some thought to:-
The tax year ends on 5 April 2019 and there are a couple of things to think about before then:-
- Use your annual gift allowance of £3,000 for this tax year (and your £3,000 from the previous tax year, if you did not use it)
- Use your ISA allowance
- Make disposals to use your annual Capital Gains Tax allowance, currently £11,700
- Finalise your tax return in good time – personal tax returns need to be submitted before 31 January. If you need any help with this, please contact Paul Bryant in our personal tax team
- The Residence Nil Rate Band allowance will increase again after 5 April. Have you structured your wills in such a way to make use to the allowance?
- Think about the future – many set goals for this year, but now is a good time to think about the future and your succession planning, be it for your family, business or farm. Many leave their planning to the last minute which often results in more Inheritance Tax being paid than necessary. Armed with the right information and advice, you can take steps now to plan for the future.
If you would like to discuss any of the suggestions in more detail, please contact Amy Lane
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