Talking Point 

How to help clients with tax-efficient planning

  • Identify what clients need to prioritise as tax year end nears.
  • Describe how clients can make the most of tax allowances, including pensions and Isas.
  • List what clients can do to avoid last-minute tax planning.
CPD
Approx.30min
Last-minute tax planning for clients
How to help clients make the most of tax allowances and prepare for the new tax year
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The April 5 tax year end deadline is looming and many clients will have heard those familiar words, "use it, or lose it" in relation to their annual tax allowances.

While many advisers will have been helping their clients invest and save tax-efficiently throughout the year, there will be many clients who have last-minute tax questions and needs.

There is still time to maximise clients' allowances, whether that is using their pension or Isas.

Louise Halliwell, senior savings manager at Yorkshire Building Society, notes: “The last day of the financial year marks a milestone date for savers to be aware of.

"Based on the number of savers who rushed to deposit money in their Isa in the final weeks of last year’s deadline, we anticipate there’ll be savers needing that extra reminder again this year."

What types of tax-efficient vehicles are available for clients to use?

How can advisers help their clients plan throughout the year, rather than do last-minute tax planning? 

Talking Point, in association with Schroders, considers how advisers can help clients prepare for the end of the tax year by making the most of their allowances.

The report, which can be read by clicking the link in the image above, qualifies for an indicative 30 minutes' worth of CPD. 

eleanor.duncan@ft.com

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. Mr Hollands says this tax year end is taking place against a backdrop of what?

  2. According to Mr Campbell, there are three main things clients need to know before the tax deadline. Which of the below is the odd one out?

  3. Former chancellor George Osborne described higher rate tax relief as "eye wateringly expensive". True or false?

  4. Mr Hollands suggests EIS and VCT products should only be considered by clients after what other two products?

  5. Married couples and those in civil partnerships can take advantage of the opportunity to transfer £1,190 of the lower earner’s personal allowance to the other and potentially save up to how much in the tax year?

  6. Mr Witcombe says he tries to help clients make Isa subscriptions when?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Identify what clients need to prioritise as tax year end nears.
  • Describe how clients can make the most of tax allowances, including pensions and Isas.
  • List what clients can do to avoid last-minute tax planning.

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