Year End Tax Planning 2018 – Part 1

Timing is often the key ingredient in tax planning.

As we are approaching the end of the tax year, we thought it would be a great opportunity to share our insights and offer you some key updated figures, so you can make the most out of this window leading up to the 5th April 2018.

Accountants for freelancers, contractors and consultants - Brighton and Susse

The period leading up to the end of the tax year on 5 April is a prime time to take stock of your finances and tax position to minimise liability. As always, we are happy to advise on appropriate action and here is our comprehensive Year End Tax Planning Guide 2018 for your delectation.

Year End Tax Planning Guide 2018 >>

Here are just a few of our ‘Tax Planning Top Tips’, we hope you enjoy them.

Buying A Property

Many parents help when it comes to buying a first property for children. To take advantage of the SDLT exemption, parents need to be excluded from part ownership of the property (assuming they have bought a home before), or the exemption will be lost.

Capital allowances

The timing of tax relief can maintain positive cash flow, so please contact us for further advice when planning plant and machinery purchases.

Year End Tax Planning

Children

Consider transfer of assets from other relatives such as grandparents, and/or employing teenage children in a family business to use personal allowances and the basic rate band.

Family Companies

Consider the payment of a pension contribution by the company. These are usually free of tax and NIC for the employee (see also Pensions section). Provided the overall remuneration package is justifiable, the company should also get tax relief on the contribution.

Landlords: plan now for interest relief restrictions

The change may push basic rate taxpayers over the threshold where they become higher rate taxpayers. The key point is to plan ahead and compute by how much your income will increase year on year as a result of the restrictions.

Speak with the Experts

For expert advice on Tax Planning, speak to our team on 01825 748308 or refer to our Year End Tax Planning Guide 2018

Year End Tax Planning in Sussex