Last chance to minimise tax in 14/15

The tax year is coming to a close on 5 April 2015. Once this date passes there are no longer the opportunities to reduce your tax for the 14/15 tax year and you will only feel the benefits of any further tax planning for the 2016 tax year. Have you fully utilised all your allowances and made tax-wise decisions to ensure you are not paying too much tax this year? Things you can still action:

For your business

  • Purchase of capital equipment
  • Purchase of any significant overhead expenditure
  • Planning around dividend and profit extraction
  • Director’s loan account management – is your director’s loan overdrawn?
  • Make charitable donations for gift aid

For you personally

  • Utilise both yours and your spouses tax allowances and tax bands, including the personal allowance and basic rate tax amount – taxable income can be transferred in some cases to the lower earner.
  • Ensure both yours and your spouses ISA allowances have been fully utilised.
  • Reduce the amount of higher rate tax you pay by topping up your pension contributions.
Call the team at Figurit today to discuss any of the above tax planning tips to reduce your tax bill further for 2014-2015. T: 020 7376 9333 E: info@lansdellrose.co.uk

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