19th March 2015 Posted by - Alexander Accountancy
The tax year-end of 5th April 2015 is looming, but don’t wait until then to speak to Burton’s Alexander Accountancy about saving tax! The earlier we can discuss your personal and business matters, the more likely it is that we can provide valuable advice to take full advantage of the tax reliefs and allowances available. Here are just a few matters to consider-
Invest in a NISA
On 1st July 2014 all existing ISAs became New ISAs, or NISAs. Adults are now able to invest in any combination of cash or shares up to a total of £15,000. You have until 5th April 2015 to maximise your 2014/15 tax-free NISA investment.
Pay into your pension
In some cases personal contributions into pension schemes can attract relief of up to 60%, which makes them an ideal tax-free investment.
Should you defer income?
The top income tax rate is 45% and the equivalent dividend tax rate is now 37.5%, so it might be worth considering delaying the payment of your dividends until after the year-end, especially if you anticipate that your income in 2015/16 will be less.
Take advantage of capital allowances
Until 31 December 2015, the majority of businesses are able to claim a 100% Annual Investment Allowance (AIA) on the first £500,000 of expenditure on most type of plant and machinery. If you are thinking of investing on capital items then it may be worth considering the timing to maximise relief.
If you would like to discuss any of the above further then please do not hesitate to contact Alexander Accountancy.
