The end of the 2013/14 tax year is nearly upon us, which means you have one of two choices – use it or lose it.

In these times of Government belt-tightening it is as important as ever to claim your tax allowances and below is a list of some that you should be making use of. If you would like to discuss these with us please contact us to discuss where you could be making improvements to your finances and investments.

  • £11,520 – save up to £5,760 in a Cash ISA or up to £11,520 in a Stocks and Shares ISA.
  • £10,900 – sell and reinvest already invested assets to use your capital gains allowance.
  • £50,000 – the maximum you can invest into a Pension before the limit drops on 6th April 2014.
  • £9,440 – your full basic personal allowance for tax free income.
  • £3,000 – can be gifted free of inheritance tax, with an additional £3,000 if this was not used last year.
  • £3,720 – can be invested into a Junior ISA for children or grandchildren.
  • £200,000 – can be invested into a Venture Capital Trust (VCT) to gain a 30% tax rebate.
  • £1,000,000 – can be invested into an Enterprise Investment Scheme (EIS) to gain a 30% tax rebate.
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Blog by Jaskarn Pawar

Jaskarn Pawar is an experienced and award winning Chartered and Certified Financial Planner. He advises people all over the UK on financial planning and wealth management issues to help them reach solutions to fit their personal needs. You can contact Jaskarn on 01604 211234 or by e-mail on jaskarn@investorprofile.co.uk