Are you prepared for the end of the tax year?

With just a matter of weeks left until the end of the 2018/19 tax year, now is the ideal time to consider last-minute tax planning opportunities.

There are a number of options on offer to UK taxpayers to take advantage of depending on their individual circumstances.

To give you an idea of some of the ways that you could minimise your tax liabilities we have prepared three basic tips for you to consider.

Make use of your pension allowance

Contributing additional funds into your pension can help to increase the level of tax relief you receive.

Pension contribution effectively reduces your income, so if you’re able to dip below a threshold – for example, the £50,000 income threshold for child benefits – you will be able to keep the benefits while also saving for your future.

You can even ask your employer to make a contribution to your pension in place of a bonus for a more tax efficient form of remuneration.

Make use of the ISA allowance

If you’re looking for relief from income tax or Capital Gains Tax (CGT), you are able to put a lump sum of up to £20,000 into an ISA this tax year. You can split your allowance across a Stocks & Shares ISA and Cash ISA or invest it all in either one.

ISA allowances do not carry over, so it’s a good idea to make use of as much of the allowance as you can before the end of the current tax year.

Make use of the CGT allowance

For those with an investment portfolio, it is possible to withdraw up to £11,700 in CGT and re-invest the money somewhere else, whether it be into another fund entirely or into your own pension.

If there is tax to pay on gains at a 20 per cent rate, contributing in to your pension pot will reduce this to 10 per cent.

These are just three possible way to reduce your tax bill in the year to come, but in most cases, there could be many more options open to you so it pays to seek professional advice with a qualified tax adviser.

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