Growing and reviewing your personal goals
Most business owners see January as the best time of year to review their business goals and reflect on the direction their business is going in and whether or not they are on the right track.
But it is also worth bearing in mind that whilst reviewing your business plans and goals it is also worth taking time to review your own personal ones.
You need to be aware of the upcoming 5th April deadline for Pension Allowances; £40,000 annual allowance (up to income of £150,000). If your income is above £150,000, then the allowance reduces by £1 for every £2 of additional income with a minimum allowance of £10,000.
You can utilise unused allowances from 3 previous years if a pension scheme was in place and carry forward unused allowances from this tax year.
Whilst reviewing your personal goals and finances it is worth knowing that the ISA allowance has a maximum of £15,240 for this current Tax Year, rising to a £20,000 maximum for 2017/18.
Plus if you and your spouse are both basic rate tax payers and your spouse has not fully utilised their personal allowance, they can transfer up to a maximum of £1,110 of their unused allowances to you.
Please get in touch or call 0161 249 5040 if you would like to make use of these Tax savings.