2016 was a year of economic and political turmoil, with the United Kingdom’s referendum result and Donald Trump’s victory in the US Presidential race having far-reaching consequences both politically and economically. It’s all change in 2017, too. Philip Hammond’s first Budget will be unveiled on Wednesday 8th March – just five weeks away.
Many of the measures from last year’s Budget will kick in during the first week of April. There’s no better time to take advantage of tax planning opportunities ahead of the new financial year.
Regardless of whether you are a business owner keen on offsetting some of your tax liabilities, or an individual looking to safeguard your wealth, efficient planning can help you keep your taxes as low as possible. At the same time, a pre-April review could not just protect the funds you have, but also help to maximise your income by opening new savings and investment pathways.
By engaging with us in the coming weeks, you can get the most out of your money, provisioning for a sound financial future.
What areas should you consider?
When it comes to restructuring your affairs in a tax-efficient manner, there are a number of key areas to consider. These include the following:
How to make the most of your £11,000 individual allowance.
Take advantage of pension freedoms to minimise your income tax payments and keep within the lifetime allowance.
Gifts and other exemptions could be considered to bring down a potentially troublesome IHT bill.
Reviews of ISAs, CGTs, EISs and SEISs could prove beneficial at this stage.
Are you utilising your CGT annual exemption of £11,100?
Remember, the greater the income, the greater the tax burden. Wade Financial can help you pay no more to the taxman than is absolutely necessary. Download our guide to year end tax planning for 2017 by subscribing to our mailing list to the right.