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Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
Urgent are-you-claiming-all-the-tax-breaks-due-to-you
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Urgent are-you-claiming-all-the-tax-breaks-due-to-you

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  • 1. www.capital.co.uk URGENT: ARE YOU CLAIMING ALL THE TAX BREAKS DUE TO YOU?
  • 2. www.capital.co.uk URGENT: ARE YOU CLAIMING ALL THE TAX BREAKS DUE TO YOU? If you have 10 or fewer years left before you retire, you will need to get extra savvy when it comes to slashing your tax bill.
  • 3. www.capital.co.uk From April 2014, the amount you can accumulate in an approved pension scheme during your working life will be cut from £1.5m to £1.25m. Save any more and you’ll pay 55% tax on that at retirement, at age 75, or upon death.
  • 4. www.capital.co.uk The amount you can save each year, and still qualify for tax relief, will also fall from £50,000 to £40,000 and that includes any contributions from your employer.
  • 5. www.capital.co.uk The amount you can save each year, and still qualify for tax relief, will also fall from £50,000 to £40,000 and that includes any contributions from your employer. So what are your tax options?
  • 6. www.capital.co.uk TAX OPTIONS: YOUR TAX BREAK CHECK LIST
  • 7. www.capital.co.uk   Keep up your ISA You can invest up to £11,520 per tax year in an ISA, including £5,760 in cash. 1
  • 8. www.capital.co.uk   Keep up your ISA You can invest up to £11,520 per tax year in an ISA, including £5,760 in cash. If you are not using your full allowance, do so now. 1
  • 9. www.capital.co.uk   Make the most of your marital rights If you are married or have a partner, ensure you use their full ISA allowance too. 2
  • 10. www.capital.co.uk   Make the most of your marital rights If you are married or have a partner, ensure you use their full ISA allowance too. You can also invest in a pension on behalf of your spouse or partner, even if they are not working or paying into their own pension scheme. 2
  • 11. www.capital.co.uk   Make the most of your marital rights If you are married or have a partner, ensure you use their full ISA allowance too. You can also invest in a pension on behalf of your spouse or partner, even if they are not working or paying into their own pension scheme. You can even save into a pension for your children or grandchildren and receive tax relief on the contributions. 2
  • 12. www.capital.co.uk   Get risky Before embarking on any extra stock market linked investments, seek the advice of your IFA or financial planner. 3
  • 13. www.capital.co.uk Venture Capital Trusts (VCTs) invest in small start-up companies, where you can benefit from 30% income tax relief, effectively saving you £30 for every £100 invested. However, these small companies aren’t listed on the London Stock Exchange so there is a higher level of risk involved.
  • 14. www.capital.co.uk The Enterprise Investment Scheme (EIS) also invests in similarly small, start-up style companies, so they are also high risk. The tax relief on an initial investment into an EIS is also 30%.
  • 15. www.capital.co.uk There are also valuable capital gains tax advantages as well as Inheritance Tax savings.
  • 16. www.capital.co.uk   Seek expert advice Seeking financial advice from an independent financial planner will help you decide what tweaks you will need to make to maximise any tax-free returns you do have. 4
  • 17. www.capital.co.uk Remember there are other taxes you may need to mitigate against, including capital gains tax, inheritance tax and stamp duty.
  • 18. www.capital.co.uk Limits change every year and HMRC is always making tweaks to tax legislation, so make sure you seek expert advice on your tax options. Appendix: VCTs: http://www.hmrc.gov.uk/statistics/vct.htm EIS http://www.hmrc.gov.uk/eis/index.htm Pensions and tax: http://www.hmrc.gov.uk/pensionschemes/tax-basics.htm ISAs: http://www.hmrc.gov.uk/isa/index.htm
  • 19. www.capital.co.uk FOR MORE INFORMATION DOWNLOAD OUR FREE EGUIDE: THE HIDDEN CHARGES THAT ERODE YOUR WEALTH EVERY YEAR DOWNLOAD NOW! Disclaimer We try to ensure that the information provided is correct, but we do not give any express or implied warranty as to its accuracy. We do not accept any liability for errors or omissions. We are not liable for any damages (including, without limitation, damages for loss of business or loss of profits) arising in relation to the information provided or from any action or decision taken as a result of using the information or website links. Some information has been provided by third parties. We are not responsible for any error, omission or inaccuracy in the material. The information provided does not constitute financial or other professional advice. You should consult a professional adviser if you require financial advice. The materials provide links to other sites. We do not control the linked sites and are not responsible for the contents of any linked site or any link in a linked site, or any changes or updates to such sites. We provide these links to you only as a convenience, and the inclusion of any link does not imply our endorsement of the site. © Capital Asset Management 2013

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