It’s time for another Self-Assessment!
With January 31st just gone by, you might be thinking that’s it for another year, and that you don’t need to worry about your Self-Assessment for a while.
Unfortunately that is not the case. All this means is that another deadline is fast approaching. With the end of the current financial year on April 5th, this means the window to take advantage of the various tax allowances is getting closer every day.
Some of the more popular tax allowances include:
- £40,000 Pension Annual Allowance – now could be a good time to make contributions, particularly if your earnings are set to exceed £100k, where your personal allowance is withdrawn.
- £1,260 Married Couple Allowance – Transfer part of your personal allowance to your husband, wife or civil partner.
- Share transfers between spouses – shares can be transferred between spouses at no gain, no loss, offering the chance to maximise tax efficiency as a couple.
- £20,000 ISA Allowance – if you have savings or invest in shares, an ISA is a great way to shelter them from tax.
- EIS & SEIS Investments – Some of the most beneficial tax reliefs such as EIS/SEIS offer income tax relief in the year of investment or carry back can be available.
- Annual Gift Exemption – £3,000 IHT free gifts each tax year, which can also be carried forward for one year.
It is vital that you don’t leave it till after this date as it will not be possible to utilise many of these allowances.
Speak to a member of Team SAS today to discuss these allowances and to make sure you’ve maximised what you are eligible for in the 2022/23 tax year. Let’s get the ball rolling. Contact us today to see how we can help you save time & money.
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