Our tax diary

You are here: Home » News & Views » Our tax diary

PENSIONS - Annual allowance falls from £50,000 for 2013/2014 to £40,000 with effect from 6 April 2014. If you have sufficient funds, consider making the contribution now as opposed to after 6 April 2014

LOANS TO EMPLOYEES - No P11D benefit where this is less than £5,000. From 6 April 2014 the limit rises to £10,000

INVESTMENTS - Consider making investments into either Enterprise Investment Schemes or Venture Capital Trusts. Whilst these may be thought of as "risk investments" there are valuable tax breaks both for Income Tax and also Capital Gains Tax , providing certain conditions are met.

ISA -   Ensure you have made full use of your annual ISA allowance for this year. Once the 5th April has passed you have lost your entitlement for the 2013/14 tax year.

INHERITANCE TAX -  For the wealthier clients, have you used up your annual exemption of £3,000 for Inheritance Tax? Remember you can go back one year so if you have not already used up your allowance for 2012/2013 you can make a gift of £6,000 on or before 5 April 2014 and a further £3,000 on 6 April 2014 as this is in the next tax year.