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Make the most of your tax allowances and investments
As the end of the tax year approaches, you need to ensure you maximise the tax-efficient allowances available to you.
We have listed below the main areas which need to be considered towards the end of the tax year.
• Cash ISA £5,340 plus Stocks and Shares ISA £5,340 OR
• Full Stocks and Shares ISA £10,680
• Next year’s ISA allowance of £11,280 (£5,640 Cash)
• Personal contributions to pensions – up to 100% of earnings subject to £50,000 maximum (although carry forward may be available)
• Employer pension contributions – no limit but must be an amount commensurate with your salary package
• 30% income tax relief for investment into Venture Capital Trusts
• 30% income tax relief for investment into Enterprise Investment Schemes (plus possible reinvestment relief)
As you can see there are many different types of tax reliefs available for different types of investment. Therefore it is important to speak to us early, to take advantage of a full review prior to the tax year end. If you would like to consider any of the above please contact us on 028 9066 8700, as soon as possible to arrange a meeting.
Chartered Financial Planner
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Census Financial Planning is an independent financial planning practice providing a professional and comprehensive financial planning service, located on the Lisburn Road in Belfast, Northern Ireland.