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Sponsored: Money Matters – Save the date…

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Here we are again, approaching one of the most important dates in the financial calendar – 5th April 2020, which is the end of the tax year in the UK. So why is this date
so important?

It’s the date where we need to make use of some valuable allowances that can be lost if not applied by this date, and this year signifies some additional changes to popular allowances which I also want to highlight.

As always, it is simply not possible to provide real detail in this article on each key point but if you feel any of the allowances or changes noted below may affect you, please speak to your Independent Financial Adviser or accountant for further information.

End of Tax Year Checklist:

  1. Look to maximise payments into Individual Savings Accounts (£20,000 limit)
  2. Use Junior ISAs (£4,368 limit) for your children and to help grandparent’s gift money to their grandchildren
  3. Try to increase pension contributions to the maximum allowed – potentially up to £40,000 where relevant
  4. Look to utilise carry forward of unused previous years pension contributions – you can go back three tax years if necessary – up to £160,000 in contributions if your circumstances allow it
  5. Reduce or eliminate the child benefit charge using pension contributions where adjusted net income is over £50,000
  6. Split investments between spouses to minimise tax due to differences in nominal rate – also bed and spouse planning for married couples and civil partners
  7. Look to use bed and ISA or bed and pension planning to realise gains up to the annual exemptions and buy them back through an ISA or pension
  8. Reduce Capital Gains Tax by using losses from previous tax years and offsetting them against gains made this year
  9. Consider whether investments into Venture Capital Trusts or Enterprise Investment Schemes should be considered (Note this is a high risk area and not for the
    majority of investors. Your IFA will be able to discuss this further)

In addition to the checklist, here are some considerable changes due on 6th April 2020 that may affect you or your business:

  • Changes to Capital Gains Tax reporting for sale of residential properties – these will now need to be reported within 30 days of completion and the tax liability will also be due within the same timescale
  • Capital Gains Tax Relief for landlords that have previously lived in a rental property will be abolished. Lettings relief could be worth up to £11,200 per person so worth looking at if this applies
  • Changes to off-payroll workers for employers. IR35 changes may affect your business and needs to be discussed with a professional accountant.

If you have any questions, contact your IFA now to ensure you are making the right decisions before the end of the tax year.

Please note that this does not constitute tax advice. Tax advice is not regulated by the Financial Conduct Authority.

Take the first step on planning your future and contact an Independent Financial Adviser!

Advanced Investment & Retirement Planning Ltd. is an appointed representative of  2plan wealth management Ltd. Authorised and regulated by the Financial Conduct
Authority under no. 507231. Registered in Scotland under no. SC361109. Registered address: 7 Ardross Street, Inverness, IV3 5PL.



Independent Financial Advisers can offer whole of market solutions to suit a variety of financial objectives. These are often split between four main categories:


Whether you want to consider a new pension plan, establish a workplace pension for your staff, transfer or amalgamate existing pensions, research your choices at  retirement or simply review the pensions you already own, an IFA can provide you with an unbiased opinion on the best options for you.


ISAs, Bonds, Unit Trusts, Open Ended Investment Companies, Investment Trusts, Offshore Funds and many other structures are available through an IFA. They can help you make new investments or review your existing portfolio to achieve the best return.


From first time buyers, remortgages, buy to let, self-build, capital raising and commercial mortgages – an IFA can assist with every step.


Protecting your family, mortgage, business, income, property and numerous other assets or liabilities you may have – IFAs should be able to offer you the most competitive rates available in the market.

Next Money Matters topic is on ‘Pre-retirement’

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