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Sunday, June 16, 2024

Don’t be an ‘April Fool’, say Preston accountants, make sure you’ve used your allowances and reliefs before the end of the tax year

One of Lancashire’s leading accountancy firms, Preston-based Rotherham Taylor Limited, is reminding businesses and individuals that now is their very last chance to take advantage of any allowances and reliefs that expire at the end of the tax year.

These include ISA allowances, Marriage Allowance, Pensions Annual Allowances, Dividend Tax Allowances, Capital Gains Tax Allowance and Capital Allowances.

Rebecca Bradshaw, a Director at Rotherham Taylor Limited, said: “Anyone who thinks they may not have used all the allowances and reliefs they are entitled to this year should contact us as soon as possible for specialist advice.

“Failing to act before the end of the tax year on 5 April 2017, could mean paying considerably more tax than is required, or missing out on important contributions to their pension pots.

“Marriage Allowance, in particular, is frequently overlooked and can save as much as £220 for married couples where the lower earner has an income of £11,000 or less.

“The end of the current tax year also means the beginning of the new tax year, and so it is important to plan for the various tax changes that are coming into effect for 2017-18.”

 

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