The key changes to existing policies and newly introduced initiatives

Now that we’ve entered the 2018/19 tax year, a number of key changes have taken place to existing policies, along with some newly introduced initiatives. It’s important to consider these tax implications when making financial decisions.

Guide to New Tax Year Planning 2018/19

To help you navigate your way through the main changes that could have an impact on your financial situation, we’ve provided a summary of the main 2018/19 tax year changes that have come into force. The good news is that the overall tax burden is little changed for basic-rate taxpayers, but there are a number of areas that have changed that should be taken note of.

Taking action at the start of the 2018/19 tax year may give you the opportunity to take advantage of appropriate reliefs, allowances and exemptions, and consider whether there are any relevant decisions that you need to make sooner rather than later.

Here’s what you need to know about the 2018/19 tax year changes and new initiatives.

Contents

Estate Matters
A Guide To New Tax Year Planning 2018/19:
Personal Allowance

The tax-free Personal Allowance is the amount of income you can earn before you have to start paying Income Tax. All individuals are… Read More »

Pensions and Tax
A Guide To New Tax Year Planning 2018/19:
Pensions & Tax

The Lifetime Allowance increased from £1 million to £1.03 million in the 2018/19 tax year. This is the maximum total amount you can… Read More »

To download the full guide please click here.

Time to take a tax wealth check?

Timing is often the key ingredient in tax planning. Carrying out an annual review of your tax affairs could significantly reduce your own and your family’s tax liabilities.

To discuss your situation or for a review, please contact us for further information or to arrange a meeting.

LEVELS AND BASES OF, AND RELIEFS FROM, TAXATION ARE SUBJECT TO CHANGE, AND THEIR VALUE DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF THE INVESTOR.