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New Forest

29/01/2019

New Year Resolutions to Save Tax

At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April.

An obvious tax planning point would be to maximise your ISA allowances for the 2018/19 tax year (currently £20,000 each).

You might also want to consider increasing your pension savings before 5 April 2019 as the unused annual pension allowance is lost after three years.

For those looking to do some inheritance tax planning it would be a good time to review (or make) your Will.

For further information on Tax Planning, please contact the tax department on 023 8046 1200.

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Back in 2015, the government started its 4 year plan to cut back on tax relief landlords could claim on residential property finance costs. These changes come into effect in full in 2020/21 http://ow.ly/lD3r50BR7sl

The Coronavirus Job Support Scheme will run for 6 months from 1 November 2020 to 30 April 2021. Employers will be able to claim 67% of a employees gross salary up to a maximum of £2,100 per month. More information is available here: http://ow.ly/X7gf50BUqwg

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