Basic rate taxpayers are entitled to a personal savings allowance of as much as £1,000 of tax-free allowance. For higher rate taxpayers, the same stands at £500. 

For those paying income tax at the higher rate of 45{f5c46dbfd7a370437117a81398f3ac99c38e148024d17c03e20eb6cfc854a7af}, there is no such allowance. 

Likewise, the threshold of tax-free dividend income stands at £2,000. 

Year-End Tax Planning: Marriage allowance

The marriage allowance permits the basic rate taxpayer partner to transfer 10{f5c46dbfd7a370437117a81398f3ac99c38e148024d17c03e20eb6cfc854a7af} of his/her income to the spouse with income less than the personal allowance limit. Doing so results in tax relief of up to £250 in the ongoing tax year. 

Year-End Tax Planning & Employment

A job person can claim tax relief on expenditures if they have used their own money for purchasing things related to the job or expenses incurred on those things that they use for work purposes only. 

However, the job person can’t claim tax relief on job-related expenses if their employer has reimbursed all the money. 

At IBISS & CO, our tax advisers have saved hundreds of thousands of pounds of individuals in terms of Inheritance Tax. They can do the same for you. 

Reach out to us today for a 15-Minute Free Call.

To make the most out of your year-end tax planning, reach out to our experts now. We, here at IBISS & CO, will craft a strategy that will provide security and the best structure for your financial matters. 

Feel free reach out to us to learn more about Year-End Tax Planning – Savings & Dividends.

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