- Make full use of your ISA allowance, a tax-free way to save, with individuals permitted to invest up to a limit of £20,000 for the 2017/18 tax year. A saver may only pay into a maximum of one Cash ISA, one Stocks and Shares ISA, and one Innovative Finance ISA per year.
- Make the most of capital allowances, as businesses may be able to write off the costs of capital assets against taxable profits, such as the use of AIA, the Annual Investment Allowance. They can claim a deduction of up to £200,000 of the year’s investment in plant and machinery (excluding cars) – aligned, however, to the provisions to prevent multiple claims.
- Maximise pension contributions, being paid on or before 5 April 2018, to gain relief against 2017/18 income. Annual contributions are limited to the maximum of £3,600 (gross), or the amount of your UK relevant earnings may be eligible for tax relief.
Don’t delay and run the risk of being less tax efficient…many tax reliefs are only available until the end of the tax year. Contact us today for professional, fast, and efficient information and advice.