March 2018 – another tax year ends

March 2018 – another tax year ends

March 2018 and another tax year end approaches. Here are few reminders to help you maximise your tax breaks before the 5th April year end :

  • Ensure you have filed your 2017 tax return and paid any tax due to minimise penalties and interest
  • Use your £5,000 tax free dividend allowance before 05/04/18 – this renews each year and is lowering to £2,000 from the next tax year
  • Use your £11,300 Capital Gains tax allowance, this is not transferable to the next tax year
  • Use your £20,000 ISA savings allowance, again this cannot be carried into the new tax year
  • Remember that Interest income is tax free up to £1,000
  • Set up and use your workplace pension, it saves you tax and the government contribute for free !

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