The end of the current tax year is looming on the horizon and there are some tax issues which it is sensible to bear in mind and, if appropriate to action, prior to the end of the fiscal year.
Have you utilised your ISA allowances in full? The current limit is £7,200 of which up to £3,600 can be contributed into a cash ISA.
Higher rate tax payers can receive income tax relief on donations to registered charities under the Gift Aid Scheme.
For example, a £1,000 donation would result in a tax saving of £250 for the taxpayer with the charity also benefiting by receiving a payment of £282 from the tax man provided you make a Gift Aid declaration.
Have you utilised your annual exemption for Inheritance Tax purposes? Up to £3,000 (or £6,000 if no gifts were made by you last year) can be gifted tax free, and with no seven year survivorship requirement. For married couples/civil partners, each of you has your own individual exemption.
Capital Gains Tax
Even in today's turbulent times, have you crystallised capital gains within the last year which exceed your annual exemption (£9,600 in the current tax year)? If so, you might be in a position to realise losses to offset any gains incurred over and above the annual exemption.