It is traditional at this time of year to take stock of one’s tax and financial position. As we momentarily celebrate the submission of the 2011 self assessment tax return, our thoughts quickly turn to the next major milestone in the personal tax calendar – that of the tax year end on 5 April.
There are still a number of good financial planning opportunities that can help you minimise your tax burden:
- Maximising personal allowances and lower tax rate bands
- Tax efficient investments such as Individual Savings Accounts
- Higher risk tax efficient investments including BPRA (Business Property Renovation Allowance), Venture Capital Trusts and Enterprise Investment Schemes
- Review your pension planning strategy
- Last chance to protect your Lifetime Allowance at £1.8m
- Make use of up to £50k carry forward allowances from 2008/09
- Inheritance Tax planning
If you would like to explore in more detail the options available to you to mitigate your income, capital gains and inheritance tax charges, please contact your usual RSM Tenon adviser or email Vicki Davies.
Find out more about our Personal Tax and Personal Financial Planning services below: