Tax Year End Considerations 2018

Important considerations pre 5 April:

  • Personal pension contributions – pension contributions must be actually made pre 5/4/18 in order for the generous tax relief to be obtained.
  • Gift Aid – higher rate taxpayers can help worthy causes and save tax.
  • Inter spouse asset transfers – 5 April is a good time to review if you and your spouse are holding income producing assets in  a way that maximises your tax allowances available
  • Child benefit charges, pension contributions and/or gift aid may help reduce clawback of child benefit payments.
  • Should you be voting a pre 5 April dividend if you have shares in a family company?
  • Other tax planning;
    • Utilise ISA allowances
    • Consider whether your annual CGT exemption could be used in the tax year
    • Remember the annual IHT gift allowances
    • Watch income levels near £100k where personal allowances are lost (pension contributions are particularly efficient at this level of income)
    • Maybe consider tax efficient investments such as EIS and SEIS which give income tax relief in the year of investment with one year carry-back