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End of the tax year is fast approaching - have you used all of your personal tax allowances and tax thresholds?

Monday 16th February 2015

We're fast approaching the end of the 2014-15 tax year - 5 April 2015 - if you have not used up your personal tax allowances by this date you will loose the benefit that they provide.

During the 2013-14 tax year you can receive £10,000 of income, tax free. This could be in the form of a salary, bank interest or sole trader profits.

On top of this you can receive £31,865 worth of dividends (gross) and still pay no personal tax.

If all your sources of income for the 2014-15 tax year total less than £41,865 then you may have some tax allowance left unused.

Now would be the time to get in touch with us to see if you have profits in your company that can be released tax free as a dividend.

Don't put this off - once we enter the 2015-16 tax year on 6 April 2015, the opportunity will have passed.

Contact us now to find out more.

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