Home Lancashire News Don’t be an ‘April Fool’, say Preston accountants, make sure you’ve used...

Don’t be an ‘April Fool’, say Preston accountants, make sure you’ve used your allowances and reliefs before the end of the tax year

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Rotherham taylor

One of Lancashire’s leading accountancy firms, Preston-based Rotherham Taylor Limited, is reminding businesses and individuals that now is their very last chance to take advantage of any allowances and reliefs that expire at the end of the tax year.

These include ISA allowances, Marriage Allowance, Pensions Annual Allowances, Dividend Tax Allowances, Capital Gains Tax Allowance and Capital Allowances.

Rebecca Bradshaw, a Director at Rotherham Taylor Limited, said: “Anyone who thinks they may not have used all the allowances and reliefs they are entitled to this year should contact us as soon as possible for specialist advice.

“Failing to act before the end of the tax year on 5 April 2017, could mean paying considerably more tax than is required, or missing out on important contributions to their pension pots.

“Marriage Allowance, in particular, is frequently overlooked and can save as much as £220 for married couples where the lower earner has an income of £11,000 or less.

“The end of the current tax year also means the beginning of the new tax year, and so it is important to plan for the various tax changes that are coming into effect for 2017-18.”

 

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Andrew Mann
After 34 years working in numerous operational and communications disciplines for three FTSE companies (Yorkshire Electricity; Meggitt and BAE Systems), at over a dozen locations, on 24 November 2016, I became the inaugural editor of Business Lancashire. Business Lancashire is a good news, Lancashire focused, business website and daily newsletter. It is a partnership between The Samuel James Group and the North and Western Lancashire Chamber of Commerce. Over the years, I have written hundreds of press releases, features for trade magazines, copy for websites and brochures, edited in-house magazines and newsletters, as well as presenting a radio programme on Chorley FM. This experience has given me the ideal background for editing Business Lancashire.