Don’t Lose your Personal Allowance!

For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000...

Have you Used your 2019/20 ISA Allowance?

Your maximum annual investment in ISAs for 2019/20 is £20,000.  Your investment needs to be made before 6 April 2020.  In addition, have you thought about investing for your children or grandchildren by setting up a Junior ISA? In the 2019/20 tax year, you can invest...

Will Pension Tax Relief Change in the Budget?

There are frequent rumours that pension tax relief will change in the Budget. This is even more likely this year as the new Government looks for additional tax revenue to fund its ambitious spending pledges such as the HS2 rail link. There is speculation that the...

Pension Planning Before the End of the Tax Year

For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and their employer. Note that the unused allowance for a particular tax year may be carried...

Year End CGT Planning

Have you used your 2019/20 £12,000 annual capital gains exemption? Consider selling shares where the gain is less than £12,000 before 6 April 2020. Also, if you have any worthless shares consider a negligible value claim to establish a capital loss. You may even be...

Further Changes to Entrepreneurs’s Relief?

Another tax relief that may be further restricted or even abolished is CGT entrepreneurs’ relief.  This relief allows business owners to pay just 10% CGT on the first £10 million of capital gains when they dispose of their business and was tightened up in the Autumn...