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.
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