Bundle of £20 notes wrapped with red ribbon

Make gifts to save tax before April 5th

If you are a higher rate taxpayer consider making charitable payments under Gift Aid so that you obtain additional tax relief. The charity will also be able to reclaim the basic rate tax from HMRC. Note also that Gift Aid can be carried back for relief in the previous tax year (so useful if you were a higher tax payer in 2012-13).

Have you made use of your annual Inheritance Tax exemptions? The general annual exemption is £3,000 per donor (plus last year’s £3,000 exemption if you did not use it). Also consider making regular gifts out of your income to minimise the growth of your estate that will be liable to IHT.

Arrange a free consultation to discuss this and other tax saving ideas.