Posted: 22/03/17 by Mazars LLP
As the end of the tax year approaches, the Milton Keynes office of Mazars, the international accountancy and advisory firm, is urging people to make sure they make the most of their reliefs and allowances before the 2016/2017 tax year ends on 5 April 2017.
Paul Barham, Tax Director at Mazars Milton Keynes, said: “The end of the tax year is fast approaching and each year there are always so many people who do not manage to take advantage of their allowances before the cut-off period.
“As a result, they end up missing out on some potentially big savings, something which can be quite easily avoided.
“There are many questions individual tax payers should be asking themselves at this time of year including whether they have used their full ISA allowance of £15,240 for 2016/17; whether they can restructure their salary, dividend and pension position for further savings and whether they have used their annual Inheritance Tax exemption of £3,000 for 2016/17.
“The cut-off is just a couple of weeks away so I urge everyone to ensure they have checked they have used all their allowances and reliefs available and if they’re not sure, to get in touch with a professional tax advisor who will be able to help.”
The team also recently published their Tax Planning Tips for Individuals brochure which is a comprehensive guide to how individuals can make sure they don’t get caught out this year.
Complete with a helpful year end tax planning checklist, the brochure advises individuals on a whole range of tax planning tips including help with savings and investments, personal tax and planning with salary.
The full Mazars’ Year End Tax Planning Tips 2017 brochure can be downloaded here - http://www.mazars.co.uk/Home/Our-Services/Publications/Tax-publications/Year-end-tax-planning-tips-2017