Is your end of tax year plan in place?
Changes in legislation mean that this year it’s more important than ever to be prepared.
It’s important to make the best possible use of the allowances, exemptions and planning measures available. That means taking action before the end of the tax year (5th April) to ensure the opportunities are not lost.
When the run-up to the end of the tax year coincides with the build-up to a general election we can be sure that taxation, and its impact on our wealth, will be high on political and personal agendas.
But just as we cannot know the outcome of May’s election, we cannot predict what changes to personal taxation might be introduced with a new government. Will higher-rate tax relief on pension contributions be cut? Will the burden of Inheritance Tax be reduced? What changes might there be to Income Tax rates?
At this stage it is speculation and electioneering. We can only plan for our future on the basis of what we know. To help achieve our financial goals we need to make the best possible use of the allowances, exemptions and planning measures available now. And that means taking action before 5 April to ensure those opportunities are not lost.