We have now entered the 2014-2015 Tax Year!

As with any new Tax Year, there are several changes, the main beneficial ones being :-

Increased Personal Allowance

Increase to the Higher Rate Income Tax Threshold

Increase to the Individual Savings Allowance maximum and removal of the Cash limit within the allowance. - in addition, there will be a further increase to £15,000 on the 1st July 2014!

Changes to the Flexiible Drawdown Rules (and significant changes are proposed for the 2015/16 Tax Year).

However, not all the changes are beneficial :-

There is a further reduction in the Annual and Lifetime Allowance on pensions

The Age Related Personal Allowance remains frozen

Do you know what allowances you are fully utilising?

Should you therefore require any advice, please contact us to arrange a review.