It’s Tuesday! Let’s talk Tax.
Read this week’s short tax snippet for Doctors & Dentists, to help you save money and get more organised with your tax affairs. It’s just to give you a flavour – take 5 minutes to have a read.
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.
Tax year ended 5 April 2017
No sooner has the tax return and tax payment deadline passed, there is now talk about the tax year end.
The tax year closes on 5 April 2017 and this is the date where all self-assessment tax returns need to be made up to.
This means that there are now just two months in which to implement any plans to save tax and keep your next January payment as low as possible.
Simple tax saving ideas:
- Pay into a private pension plan – this extends the basic rate tax band to help you pay less tax at the higher rate
- Save into an ISA – the interest on these savings accounts is tax-free
- Claim tax relief on all business expenses – speak to an accountant to help you.
- Claim maximum tax relief on expenses for your rental property
- Claim the Annual Investment Allowance for new capital items – time large purchases before the tax year end to get the tax relief
- Utilise tax breaks
- Combine allowances with your spouse or civil partner
By taking action, it is possible to save tax before the end of the tax year. Speak with a financial adviser and your accountant to determine the best route for you.
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