Only four working days remain until the new tax year begins, so individuals are being urged to make the most of their tax allowances for 2014/15.
In order to gain the maximum benefit from a tax allowance, there are a number of measures that can still be taken before the deadline.
One such measure is to ensure that your £15,000 full Isa limit is used, as it will help your tax-free savings to grow.
As long as money is paid into the Isa by 5th April, decisions regarding the specific investment avenues (whether to invest more heavily in a Stocks and Shares Isa, for example) can be made at a later date.
The £15,000 limit can also be split between cash and investment Isas, according to preference, while a child’s junior Isa limit can also be topped up to £4,000 this tax year.
For those with estates worth over £325,000 (£650,000 for married couples and civil partners), inheritance tax (IHT) is likely to be a financial burden for those that they leave assets to.
This is always the case unless money and assets are gifted to beneficiaries by a benefactor who lives for at least another seven years from the date of the gift being made.
It is also worth remembering that gifts of up to £3,000 can be made every year without any IHT implications.
Importantly, if you failed to use your £3,000 allowance last year it can be carried into this year to make the maximum exemption of £6,000, but this needs to be used immediately in order to gain the benefit before it disappears.
Finally, by maximising your pension contributions you can achieve additional tax savings.
Up to £40,000 can be put into your pension, including any employer contributions, for this tax year, and you can also add into a pension for a spouse or child by contributing up to £2,880.
