The tax year ends on 5th April 2015, what might you do between now and then? 7 ideas for tax saving that can still be achieved:
- Use your ISA Limit. You can protect your money from tax by investing through an ISA.
- The new tax year starts on 6th April 2015 and you can use next year’s ISA limit too.
- Use your Pension allowance by putting up to £40,000 into a pension scheme – more if you haven’t used your limit in previous years.
- If you earn over £100,000, you might be paying 60% tax, you might be able to avoid this through pensions or even making gifts under Gift Aid.
- Have you used your capital gains tax allowance? If not you might want to sell some shares to make use of this. If you are married you might want to transfer investments to your spouse before sale to take advantage of their allowance for capital gains tax.
- If you control a limited company you might want to authorise dividends to take advantage of your basic rate tax allowance.
- Inheritance can be a burden on families. You can give £3,000 without it affecting your inheritance tax estate.