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Tax Planning - the end of the tax year

Sunday 16th March 2014

The end of the tax year is fast approaching and there are a number of questions freelance contractors should be asking themselves:

1. Have you used up all of your basic rate tax band?

2. Have you utilised your ISA allowance for 2013-14?

3. Have you used up your Pension Allowance?

4. If you have used up your basic rate tax band could you put off paying a dividend until 6 April or later so it falls in the next tax year and uses the 2014-15 basic rate band resulting in a lower amount of income tax being paid.

Just 4 important questions that you should look at right away. Once the 2013-14 tax year is over on 6 April you will loose any basic rate tax band that you have not utilised.

For more information call us on 0845 834 0269 or drop us an email at info@123contracting.co.uk

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