Still time to top up your ISA
26/02/2018

Now that the infamous 31 January deadline has passed it is time to start thinking about the current tax year and maximise any available tax reliefs by 5 April 2018. The ISA limit currently allows for taxpayers to invest up to £20,000 per year.

Whilst the amount invested in an ISA does not benefit from tax relief the income and gains are free from most taxes including Income Tax and Capital Gains Tax. Eligible holdings include cash ISAs, stocks and shares ISAs and finance ISAs. Account holders may make withdrawals at any time without the loss of tax relief. The £20,000 limit can be used in one account or split across some or all the available options.

It is also possible for qualifying taxpayers to invest up to £4,000 of the £20,000 ISA limit in a Lifetime ISA. The Lifetime ISA is designed to help those aged between 18 and 40 to save for a new home or for their retirement. Under the scheme, the government provides a 25% bonus on yearly savings of up to £4,000 and once you start saving before you are 40, you can continue using the scheme until you turn 50. The money invested in a Lifetime ISA can be used for other purposes but will be subject to a 25% withdrawal charge.

There are also Junior ISAs available for under 18’s which were introduced to encourage children to save money. The returns from Junior ISAs are also tax-free and are usually locked until the child reaches 18. The annual subscription limit for Junior ISAs is currently £4,128 and will increase to £4,260 in 2018-19. The ISA limit will remain at £20,000 for the next tax year.


Accounts

We specialise in preparing end of year statutory accounts for your business, in line with HM Revenue & Customs legislation:

Sole Traders & Partnerships
Limited Companies
Limited Liability Partnerships
Property Management Companies
Property rental income accounts

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Bookkeeping

We can adivise on the best bookkeeping options for your needs and budget, if you would prefer to do the bookkeeping yourself.

There are a number of excellent options including Sage desktop software and market leading online solutions, such as Kashflow & Xero.

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Payroll

ejbc payroll

We can set-up and run your payroll scheme or advise on:

Setting up a new payroll system
Day to day payroll processing
Dealing with PAYE and NI deductions
Completing your end of year returns
Holiday & Statutory pay
Stakeholder pensions

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Start Ups

Starting a Business is an exciting opportunity but at the same time can be daunting.

Why not let us take some of the stress away. We are on hand from the outset to help you through many of the challenges of getting your business up and running successfully.

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The Rectory, 1 Toomers Wharf, Canal Walk
Newbury
Berkshire
RG14 1DY
Phone: 01635 46174
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