As the end of the current tax year approaches now is a good time to review your tax and financial position. Making use of available allowances and exemptions could potentially avoid unnecessary tax payments. There are a number of options to mitigate your exposure to tax and some of these may be applicable to your individual circumstances.
Below is a brief checklist of things that you should consider ahead of the end of the tax year:
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- Gifting of shares to charity through the Share Aid Scheme
- Maximising your Annual Allowance for pension contributions
- Tax Planning to enable reinstatement of full personal allowance – pertinent for earners with income exceeding £100,000
- Maximising your Capital Gains Tax annual exemption of £12,300
- Utilising the full annual ISA allowance (£20,000)
- Utilising the annual Inheritance Tax Small Gifts allowance
- Restructuring assets to split income between spouses
- Will review
- Inheritance Tax Planning
If you are considering selling or transferring residential property, there are new rules which may affect your proposed transaction, therefore, please contact us for advice.
Contact our Personal Tax Practitioners, Edinburgh
Murray Beith Murray Tax Manager, David Windram, is an expert in tax compliance and tax planning issues for individuals, trusts, executries and partnerships.
If you would like to discuss your tax position, or you would like to explore any of the above options, please get in touch with Murray Beith Murray today using the Enquiry Form or call us now on {{CONTACT_NUMBER}}.
At Murray Beith Murray, we are more than just tax practitioners - we are trusted advisors. We are dedicated to helping you preserve your wealth with our bespoke tax service, tailored to your particular needs. Our highly personal service reflects our culture, which is centred on integrity, trust and expertise, and the guidance we provide has been designed to be an investment, not an expense.