Drummond Laurie Chartered AccountantsForward-Planning-Whats-NextFor us January is always the busiest month of the year dealing with the personal tax deadline of 31st. It doesn’t stop there though, with just under two months to go until the end of the 2017/18 tax year it is worth considering if you have made full use of all available tax allowances;

  • Have you made full use of the £5,000 dividend 0% band? It is worth noting this is due to decrease to £2,000 from April 2018, increasing the tax liability for those with dividend income in excess of this amount.
  • For married couples or civil partners where one spouse earns below the personal allowance (£11,500) and the other is not a higher rate tax payer, have you elected to transfer 10% of your personal allowance?
  • For landlords the past few years have seen a number of changes, perhaps the biggest impact is the restriction of interest relief that came into effect in April 2017.
  • Have you made full use of your pension allowances, although the reliefs available have become more complex over the last few years, in general everyone could invest up to £40,000 into a pension, with unused allowances carried forward up to 3 years.

These are only a few examples of things to consider for more details please contact us via email adviser@drummondlaurie.co.uk or phone 01324 441250