A quick checklist before 5 April (and before the 11 March Budget, where lots of things may change!)
- Maximise ISA savings
- Review pension contributions
- Consider pension tax breaks for your children (even minors)?
- Use your capital gains tax allowance
- Use your £2k dividend 0% tax band
- 30% income tax relief, using EIS/VCT investments?
- Review and note gift aid tax relief
- Pay any outstanding 31 January 2020 tax before the end of February, to avoid a penalty
- Check your PAYE coding notice and benefits package
- Will your tax on rental income rise, due to the interest restrictions?
- Use personal allowances of spouse, children and grandchildren
- Are you paying high marginal rates of tax?
- Business – extract cash in a tax efficient way (salary, loan, dividend, rent, pension?)
- Trusts – create new ones; distributions from existing ones; close down old ones; do you need to complete the trusts register and keep sufficient records?
- Inheritance tax – gifts, update will or letter of wishes, create lasting power of attorney
- Get a fixed fee quote for your 2020 tax return
- Are you a Scottish or Welsh taxpayer?
- Are any overseas assets or income taxed correctly in the UK and overseas?
- Have you set up your online personal tax account with HMRC?
- Do you have a tax payment on account to make on 31 July 2020?
These are prompts rather than fine detail – for further information please contact me.
Blackshaw Tax 