Goodbye 2017-18 and hello to 2018-19

The deadline for filing 2017-18 self-assessment tax returns without paying a penalty for late submission has passed (31 January 2019).

But a new and pressing deadline now presents itself: 5 April 2019.

As we have outlined in previous posts, most tax planning needs to be considered and actioned before the end of the tax year to be effective. For example, have you considered the following?

Tax planning options for 2018-19

Income tax:

  • If your income is approaching £100,000 have you considered the loss of all or part of your personal tax allowance?
  • If you receive child benefits, and the income of either parent is set to exceed £50,000 you will have to repay all, or part of the benefits received and file a self-assessment tax return.
  • Have you maximised payment of pension contributions?
  • Have you considered the tax advantages of making charitable donations?
  • If you have unused personal allowance, and your spouse (civil partner) is a basic rate taxpayer, have you considered transferring part of the unused tax relief?

Capital gains tax:

  • Have you fully utilised your tax free exempt amount for 2018-19, £11,700?
  • Could you transfer assets that you are about to sell into joint ownership with your spouse and divide the gains between you?
  • If you have purchased a second home during 2018-19, have you considered your private residence relief options?

Inheritance tax:

  • Have you utilised the various annual, tax-free gifts exemptions for 2018-19?
  • If your personal circumstances have changed during 2018-19 (marriage, divorce, bereavement) have you changed your Will and/or considered the IHT consequences?
  • Have you made any significant gifts in excess of tax-free limits? What are the IHT consequences?

Holiday let property owners

  • Have you checked your occupancy numbers for 2018-19? Will you still qualify for the various Furnished Holiday Lets tax advantages?

The above list is the tip of the tax planning iceberg. Every tax payer’s circumstances are unique and require individual attention and consideration.

 

If we have not yet had an opportunity to discuss your tax planning options for 2018-19 please call; once the 5 April 2019 deadline passes so too do the majority of your options to reduce your tax liability for 2018-19.

Share:

Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
Accounting in Sheffield and Doncaster Certificates

Recently Added News

Why go digital?

There is a major advantage to recording business transactions digitally; once the basic data has been entered it can be interrogated and represented in endless

Read More »

Related News

The end is nigh

In just three short months the present tax year – 2020-21 – will end midnight, 5th April 2021. The UK’s tax code is predominantly time

Scammers posing as HMRC

We already have more than our fair share of adversity to deal with at present, don’t let criminals add to your woes by defrauding you

Quick Links

Online References...
Client Testimonials
Meet the Team

Sheffield Office:
2 President Buildings,
Savile Street East,
Sheffield ,
South Yorkshire,
S4 7UQ

Telephone:
0114 272 0306
Fax:
0114 272 6158
email:
sheffield@roystonparkin.co.uk

Opening Hours:

Mon-Wed: 8.30am – 5pm
Thursday: 8.30am – 7pm
Friday: 8.30am – 2pm

Doncaster Office:
3 Railway Court,
Ten Pound Walk,
Doncaster,
South Yorkshire,
DN4 5FB

Telephone:
01302 320444 / 304440
Fax:
01302 342604
email:
doncaster@roystonparkin.co.uk

Opening Hours:

Mon-Thurs: 9am – 5pm
Friday: 9am – 4.30pm