March came in like a lion, what with the ‘Beast from the East’ and Storm Emma, so it should go out like a lamb – or so the saying goes! However the month ends, the 5th of April is just around the corner. This date marks the end of the tax year and is the date by which you should have finalised your tax-efficient savings plans and pension issues.

There are no major changes to tax rates from April 2017 however the personal allowance and higher rate tax threshold have increased.

If you have money to save, but have yet to use up your ISA allowance, make sure you take advantage of this tax-free form of investment before the April deadline. If you don’t use your allowance by this date, it will be gone for good, as you cannot carry any allowance which you haven’t used over to the following tax year.

Equally, make the most of any allowances on your pension contributions to cut your tax bill. Business owners can contribute up to £40,000 to their pension annually tax-free, effectively a tax efficient way of saving for the future.

If you need any help with tax planning, we are on hand to help. Please contact us on 0114 235 3500.