With only a few weeks to the end of the tax year there are several things that can be considered to take advantage of certain tax allowances before they change on 6 April 2018.
The tax allowance on dividends changes from £5,000 to £2,000. Have you made the best use of this allowance?
Additionally, if you have a wages and dividend remuneration structure from your own Limited company, what will be the additional personal tax you will need to provide for in 2019
· Capital Allowance
If you are thinking of purchasing some equipment for your business or a van, then you may want to consider making the purchase before 5th April 2018. Dependent upon the type of equipment you may be able to offset the whole of the cost of the equipment against tax.
· Marriage Allowance
When an individual is married or in a civil partnership and has income that is low or zero so their personal allowance is not being fully used, that person can elect to transfer 10% of their allowance to their partner.
The recipient must not pay tax above 20%, thus the allowance is worth a maximum saving of £230 to the recipient.
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