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As businesses and individuals look ahead to the new year, leading accountants and professional financial advisors Lamont Pridmore is calling on them to consider their financial resolutions.

Many people will start the new year with a goal or target, such as losing weight or cutting back on the amount they drink, but you should also assess your financial position and that of your business before the tax year ends on April 5.

With a wide range of reliefs on offer to taxpayers and companies, many people could be missing out on opportunities to reduce their tax bills.

When it comes to finances, taking time out to seek expert advice is always a wise investment. What works well now, may not deliver the results you want in the future, so it’s vital to continually review your savings, investments, financial plans, life insurance and protection policies to help remain on track.

Lamont Pridmore Asset and Wealth Management provides holistic, expert advice and solutions, tailored to meet needs at every stage of the financial journey. Services will help clients grow and protect wealth wisely whilst actively managing investment risk and helping to maintain lifestyle in retirement.

It is important to take advantage of various reliefs and allowances before April 5 each year before they come to an end and cannot be carried forward.

For example, January sees the launch of an extended Annual Investment Allowance, which will allow businesses to claim up to £1 million on the first portion of expenditure on most types of plant and machinery.

The use of annual Capital Gains Tax allowance and submitting any hold-over elections that may be required before April 5 will result in significant tax savings.

Meanwhile, individuals should take this time to review their pension arrangements and use their annual allowance of up to £40,000 and make full use of the £20,000 ISA allowance before the new financial year begins.

Vehicles such as Pensions, Venture Capital Trusts and the Enterprise Investment Schemes provide a useful way of making tax-efficient investments and should be utilised where suitable. Don’t forget the importance of annual gifts and regular gifts out of income to reduce your future inheritance tax liabilities. Time should also be taken to review any Life Wealth Plans to ensure they remain on track to deliver in the future.

To summarise the reliefs, allowances and actions to consider include:

  • Annual pension contribution
  • ISA investment allowance
  • Capital Gains annual allowance
  • Venture Capital Trusts (VCTs)
  • Enterprise Investment Schemes (EISs)
  • Hold-over elections
  • Annual gift allowances
  • Updating your Life Wealth Plan

The rules surrounding tax constantly evolve so taxpayers should seek to make the most of opportunities as they arise. Seeking professional assistance with tax planning can really pay dividends, but it is important that this is done well in advance of April to ensure the right measures can be put in place.

Lamont Pridmore have spent more than 100 years supporting businesses and individuals to arrange their financial affairs and are looking forward to helping even more people in the year to come.

To help maximise reliefs and allowances ahead of April 5 and ensure the right action is taken, contact one of their Asset and Wealth Management specialists on 0800 234 6978 or email info@lamontpridmore.co.uk.