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Last Minute Ways to Save Tax for 2018/19

With February coming to a close, there is little over a month left to make use of your tax relief opportunities before the end of the tax year. There are still plenty of ways to ramp up savings before 5 April, so act now, because once the end of year deadline hits, you’ll be all out of luck.

This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice. 

ISA Allowance

Perhaps the biggest way to save on tax is to maximise your ISA allowances before the end of the tax year.

Every individual has £20,000 to use across all the different types (cash ISA, stocks and shares ISA, and innovative finance ISA,) every tax year.

Your threshold resets at the beginning of the next tax year but it’s your prerogative how and where you invest your money. Whether you put all your eggs in one basket or spread the wealth to a variety of accounts, you won’t find a more tax-efficient option to hold your bonds, funds, equities, property, and cash in one place without worrying about income tax on interest or dividends that you earn.

Don’t forget about Junior ISAs where you can save up to £4,128 for each child. And Lifetime ISAs where you can contribute up to £4,000 each year and you get the bonus of 25% extra (up to £1,000) from the government added to your account.

Pension Contributions

Don’t let a penny of your £40,000 annual allowance for pension contributions go to waste. If you’re creeping towards a higher tax rate, this is a great way for you to ensure that doesn’t happen. The allowance for earners above a determined limit may decrease, and the same goes for individuals who have withdrawn benefits before.

But it’s important to max out your contribution this year if you want to use any funds you have available to “carry forward” from unused allowances in the previous three years. For self-employed dentists and doctors with variable income from year to year, this is an incredibly useful tax saving tool.

Tick all the boxes

Besides hitting the major tax saving avenues, here are a few things you can do to ensure you take advantage of the time left this tax year to save:

  1. If you own a rental property, ensure you are claiming maximum tax relief for rental property expenses
  2. Make large purchases before 5 April so you can claim the tax relief this year
  3. Time purchases of capital items before the end of the tax year, so you can claim the Annual Investment Allowance sooner
  4. Transfer basic personal allowances from your spouse or civil partner or lower your tax liability by putting your spouse’s name on income producing assets
  5. Download our guide to year-end tax planning

Reach out for help

Another way to save — not necessarily on tax, but money in general — is to prepare everything you possibly can for your tax returns so that once you have all the information and documentation you need after the tax year ends, you can file them sooner.

If you begin working with an accountant now, not only can they can help prepare and file your return, but they’ll be able to ensure you are maximising all the tax breaks that are relevant to you and your business before the tax year comes to a close.

If you’re serious about saving tax, get in touch with your financial advisor. They can help ensure you’re ticking off all the tax-saving boxes, including pension savings and ISA contributions.

Need last minute financial advice on tax savings and investments?
Investments | Financial Planning | Retirement | Save Tax | Protection |

Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
Call Darren to discuss your options.

Tel: 01403 780 770


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