Have you utilised your ISA allowance ? An individual can invest up to £20000 in an ISA account, either in cash or shares. Either type of investment can be made by UK resident individuals aged 18 or over. A cash only ISA is available to those over 16.
Tax relief for pension premiums continues to be tax efficient. Have you considered topping your premiums up. Gross premiums of up to £40000 can be made each year. It is possible to carry forward unused amounts and these can be used in the following 3 years.
Have you consider making any charitable donations ? Monetary gifts to registered UK charities and specific charitable organisations in the EU and EEA are eligible to tax relief under the gift aid scheme. The gift is treated as being made net of basic tax, which the charity can reclaim, the donor can then claim tax relief at their highest marginal rate.
If you need to pay any Class 3 NIC for 2018-2019 to become a qualifying year for your pension, this must be done by 05/04/2019.
Capital Allowances:- If you need to purchase any required items to reduce your 2018-2019 tax liability this must be done by 05/04/2019.
If your accounting date is anything other than 31/03 or 05/04 and you have overlap relief have you considered changing your accounting date ? this may be useful if you are considering retiring in the next few years as generally taxable profits reduce towards the final years of trading.
Capital gains :- have you used your annual exemption of £11700 ? This cannot be carried forward.
High Income child benefit charge :-An income tax charge is imposed when you are in receipt of child benefit and your net income exceeds £50000 in a tax year. The charge is on the full amount once your income exceeds £60000. A gift aid donation or pension premium could reduce your income.
There are a few tax -efficient investments, examples are:
Lending money to, or buying shares in a community development finance institution that has been accredited by the government under the community investment tax credit scheme.
The enterprise investment scheme(EIS) provides a tax reduction currently 30% if certain conditions are met.
The seed investment scheme is similar to the EIS but is aimed at investment in smaller, early stage companies .
An investment of up to £200000 for eligible shares in a venture capital trust (VCT) will attract a tax reduction of 30% Any dividend from a VCT investment is not treated as income for tax purposes and gains are exempt from Capital gains tax.