The end of the current tax year and the start of the next falls right in line with the Easter Bank Holidays this year…which means that if you’re looking to reduce your taxable income before the end of the current tax year, you’ll need to plan rather earlier than usual.
The last day of the tax year is Easter Sunday, so if you’re looking at ways to reduce your taxable income before that date, realistically the last working day to do so is Thursday 2nd April.
There are many ways in which you can do this, from increasing pension contributions, transferring assets to spouse, making use of tax efficient salary sacrifice schemes from your employer, such as childcare vouchers, or deferring your income. You may also wish to consider a number of tax efficient investment vehicles, such as EIS (Enterprise Investment Schemes) or VCTs (Venture Capital Trusts), both of which are designed to encourage private investment in smaller companies in return for income tax relief.
There are also several ways to reduce future Inheritance Tax bills, including making regular gifts to family members, for example as contributions toward education fees.
There are many ways we can assist you to minimise your tax liability…but there are only 2 weeks left to do so before the end of the 2014/15 tax year. Contact the office on 02920 713 800 to arrange a personal tax review.