- Rachael Panteney
Don't pay more tax than you need to...

The 2019/20 tax year ends on 5 April, so it’s the perfect time to make sure you take advantage of the tax incentives available to you and don’t pay unnecessary tax.
Here’s a quick reminder to help you make sure you don’t miss out.
• Maximise your pension contributions
You can save into registered pension schemes and get tax relief on those contributions of up to 100% of your earnings each year. Subject to limits, you will receive basic rate tax relief on your contribution. If you’re eligible for higher-rate tax relief you can claim this through your tax return. The annual allowance for tax relief in 2019/20 is £40,000.
• Use your annual ISA allowance
You can invest up to £20,000 in the 2019/20 tax year and all future investment growth will be free from income and capital gains tax. There are a number of options including cash ISAs, stocks & shares ISAs, and Lifetime ISAs. (Lifetime ISAs have an annual limit of £4,000, but you can put the remaining £16,000 into any other ISA)
• Consider Junior ISAs (JISA)
Parents or guardians can open a JISA for their children. The JISA has all the tax benefits and investment choices of the normal ISA. The annual investment limit is £4,368 and you can split this between a cash JISA and stocks-and-shares JISA however you wish. Although only parents or guardians can set up a JISA, anyone can pay into it.
• Don’t forget IHT and capital gains tax
You can give away up to £3,000 in this tax year and it will fall outside your estate for inheritance tax purposes.
You can also make gains of up to £12,000 without incurring capital gains tax. So if you’re thinking of selling some assets there may be a benefit in doing so by 5 April.
• Act now!
Regardless of how or where you decide to invest your money, to take advantage of any tax incentives available in this tax year you must do so before 5 April.
We would love to help to make sure you don’t pay more tax than you need to.

Rachael Panteney
Financial Adviser
Willow Tree Financial Services
01323 436680