{"id":777,"date":"2018-02-28T00:00:00","date_gmt":"2018-02-28T00:00:00","guid":{"rendered":"https:\/\/slacc.co.uk\/index.php\/just-a-few-weeks-to-the-end-of-the-tax-year\/"},"modified":"2018-02-28T00:00:00","modified_gmt":"2018-02-28T00:00:00","slug":"just-a-few-weeks-to-the-end-of-the-tax-year","status":"publish","type":"post","link":"https:\/\/slacc.co.uk\/index.php\/just-a-few-weeks-to-the-end-of-the-tax-year\/","title":{"rendered":"Just a few weeks to the end of the tax year"},"content":{"rendered":"<p>The 5 April 2018, is the next key marker for tax advisors, the end of the current tax year. Why is this date especially important?<\/p>\n<p>Each tax year, taxpayers are granted a number of tax-free allowances, exemptions and reliefs, and in most circumstances, if you don&rsquo;t take advantage of these reliefs they are lost; they cannot be carried forwards. Basic allowances for 2017-18 include:<\/p>\n<p><strong>Income Tax:<\/strong><\/p>\n<ul>\n<li>Personal tax allowance &ndash; &pound;11,500<\/li>\n<li>Personal savings allowance &#8211; &pound;1,000 for basic rate taxpayers and &pound;500 for higher rate taxpayers.<\/li>\n<li>Dividend allowance &#8211; &pound;5,000. This is the last year that this generous tax-free allowance is available, from 6 April 2018 it is reducing to &pound;2,000.<\/li>\n<\/ul>\n<p><strong>National Insurance:<\/strong><\/p>\n<ul>\n<li>The employment allowance of &pound;3,000 is available to set-off against employer&rsquo;s Class 1 secondary contributions subject to certain restrictions.<\/li>\n<\/ul>\n<p><strong>Capital Gains Tax:<\/strong><\/p>\n<ul>\n<li>Annual exempt amount, individuals can accrue chargeable gains of &pound;11,300 (trusts &pound;5,650) in the tax year without paying this tax.<\/li>\n<\/ul>\n<p><strong>Annual Investment Allowance:<\/strong><\/p>\n<ul>\n<li>Sole traders, partnerships and companies can invest up to &pound;200,000 in qualifying capital expenditure and set this off against their taxable profits.<\/li>\n<\/ul>\n<p><strong>Inheritance tax:<\/strong><\/p>\n<ul>\n<li>Annual gifts out of capital &pound;3,000 (this gift allowance can be carried forward for one year).<\/li>\n<li>Small gifts allowance, &pound;250 per recipient.<\/li>\n<li>Parental gift on marriage, &pound;5,000.<\/li>\n<li>Grandparent or party to marriage, &pound;2,500.<\/li>\n<li>Other gifts on marriage, &pound;1,000 per donor.<\/li>\n<\/ul>\n<p><strong>Savings<\/strong><\/p>\n<ul>\n<li><strong>Annual ISAs &ndash; <\/strong>you can invest up to &pound;20,000 in a tax-sheltered ISA. The limit for Junior ISAs is &pound;4,128.<\/li>\n<\/ul>\n<p>This is by no means a complete list, what it does help to illustrate is the need to work through a basic check list of reliefs to ensure that you have organised your tax affairs for 2017-18 in such a way that you can make the most of reliefs available.<\/p>\n<p>We can help. If you have not considered your tax planning options for 2017-18, call now to organise a planning meeting.<\/p>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>The 5 April 2018, is the next key marker for tax advisors, the end of the current tax year. Why is this date especially important? Each tax year, taxpayers are granted a number of tax-free allowances, exemptions and reliefs, and in most circumstances, if you don&rsquo;t take advantage of these reliefs they are lost; they [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[1],"tags":[],"class_list":["post-777","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/777","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=777"}],"version-history":[{"count":0,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/777\/revisions"}],"wp:attachment":[{"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/slacc.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}