Jayne Hussey, tax specialist at 360, said: “Tax is indeed a certainty and none of us can escape the inevitable, but there are ways to mitigate your tax bill if you plan correctly. If you at least check your allowances and consider all your financial options, you may be less shocked when you receive your year-end tax bill – and happily surprised when you see your tax savings.”
To that end, 360 is devoting its next Saturday morning surgery to helping you focus on the types of things to consider as you begin your new tax year. For instance:
Have you utilised your capital gains allowance?
Have you utilised any capital losses brought forward?
Have you looked at tax-efficient investments EIS/SEIS/VCT/SITR (although these are risk-related investments)?
Have you considered incorporation?
Is your spouse earning less than the personal allowance?
Are you owed money from your limited company that you could tax efficiently extract interest from?
Are you happy with the level of risk diversity in your investment portfolio?
Will you be a UK resident for tax purposes for the upcoming tax year?
Have you done any estate planning concerning Inheritance Tax?
Have you used your cash gift allowance of £3k this year plus your £3k from last year’s allowance if you didn’t remember to do it for the year 2018-19?
Seafarers – are you aware of and have you checked the eligible period for qualifying for the Seafarers Earnings Deduction (SED)?
The 360 Saturday Morning Surgery will take place on Saturday, April 6, 2019 at 360’s headquarters on Albion Street in Hull. Experts from both our tax and wealth management teams will be on hand to answer all your questions to help you plan your tax-saving year.
There’s no need to make an appointment but please register your attendance by emailing [email protected]. Anyone wanting to pop in for a chat and a croissant can simply drop by between 9am and 12 noon.