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Belgrave Financial Services
Are you making the most of your tax breaks?
The run up to the end of the tax year on 5th April 2016 is the perfect time to consider tax planning opportunities and to put in place strategies to minimise tax in this and future tax years.
Consider the following ways you may be able to legitimately mitigate taxes.
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Maximise your pension contributions and receive tax relief at your highest marginal rate.
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Maximise your ISA contributions - up to £15,240 for the current tax year.
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Use Venture Capital Trusts and Enterprise Investments Schemes for longer term and higher risk investments to get 30% tax relief.
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Fully utilise your Captial Gains Tax allowance – up to £22,000 for married couples.
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Gift to charities and claim tax relief, or let the charity claim through gift aid.
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If married, transfer assets to your spouse if they pay a lower rate of tax.
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Make a will.
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Gift through Trusts to reduce Inheritance Tax Liability
Some of the above are subject to income, status and attitude to risk. It is important to remember that tax planning and investing requires appropriate advice
which you should get from your financial advisers.
Belgrave Financial Services
To receive a complimentary guide covering wealth management, retirement planning, or inheritance tax planning, contact Nick Sands, Belgrave Financial Services on 01756 748000 or email nick@belgravefinancial.com