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TAX TIP TUESDAY: 5 Tax Tips to Save in the Last Three Weeks of the Tax Year

Our 5-minute read – Tax Tips – for UK doctors and dentists will help you save tax, get organised with your tax affairs and make sure you meet important deadlines with ease.

This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. The Financial Conduct Authority does not regulate tax advice. 

With the 2019/20 tax year coming to a close on 5 April, you only have a few short weeks to maximise your tax savings. Hopefully, you’ve done all you can during the year to save on tax, but here are five things to consider to help you save before the deadline.

1. Pensions

The annual allowance for pension contributions is £40,000 or 100% of your income, whichever is less. But with the introduction of the tapered annual allowance, many high-earning doctors and dentists find themselves faced with a reduced allowance of as little as £10,000.

You can rollover any unused portion from year to year (up to three years prior as long as you had a pension plan in place.) Make sure you’re using all you can this tax year.

2. ISAs

You have a £20,000 maximum annual allowance — that can be spread across multiple types of ISAs.. There’s no carrying forward possible with this allowance so be sure to take advantage of the full amount available before the end of the tax year.

3.Business purchases

Capital allowance is claimable on any asset purchased for your business.

From plant and machinery to other business costs and capital allowances, such as research and development and residential property lettings (when certain requirements are met), there are lots of expenses where you can claim relief. Review all your purchases and operating expenses for the year to double-check that you haven’t missed anything.

4. Donations to charity

Many higher rate taxpayers aren’t aware that tax relief is available on charitable donations. The Gift Aid scheme allows you to give money to charity so the charity can claim back the tax you’ve paid on that money.

If you give through this scheme you can claim the difference between the basic rate of tax claimed by the charity and the higher rate of tax that you pay. You have up to four years to submit a claim after the end of the tax year it’s related to so if you’ve donated in the past and didn’t know about this relief, take advantage this year!

5. Other available allowances

There are many different allowances available to help reduce your tax bill – from general tax-free and self-employment allowances to property-related and invest allowances. Now’s the time to check if you can take advantage of any other allowances you might not have known about before.

Act now, April 5 will be here before you know it.

With the tax deadline swiftly approaching, we recommend meeting with a financial adviser and accountant to ensure you’ve done everything with pensions, savings, and business costs you can to save the most money before the end of the year.

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