Four for 2023/2024!

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22 March 2024

Topics:

Budget

Services:

Personal Tax Planning,

Corporate Tax Planning,

International Tax Planning,

Wealth planning & Private client

Four for 2023/2024!

It's nearly the end of the tax year, and so there is just enough time to do some housekeeping for 2024 to make the most of your tax allowances.

As the saying goes, 'don't sweat the small stuff', and let's 'use them before you lose them'. Our Four for 2023/2024 ...

1. Make the most of your ISAs. The allowance is still £20,000 and the new additional allowance for investing in UK firms announced in the Budget has not come to pass, but there is still no reason not to get the most you can into these now and getting that interest compounding on cash ISAs! You have to get the funds into the ISA by 5 April to count towards this year's limit, but there is still time to do so.

AND

While you are thinking about it, if you have any spare cash after 6 April, why not put it in the ISA immediately? Get the returns compounding from the start of the year and make the most of the tax-free returns!

2. Check your pensions and earnings and see if you can top up your pension contributions (or whether your business can) for the year. Tax relief is available on these, so that is free money form the government you are missing out on!

3. Are you going to sell any assets? The annual exemption is decreasing to £3,000 (from £6,000) from 6 April. If you are thinking of selling something, it may be worth considering do so now to minimise the tax. That said, if you are selling a residential property that has not been your main home throughout the period of ownership, the top rate of tax will reduce from 28% to 24%, so that rate may be more beneficial.

4. Talk to your tax adviser and accountant and start to think about your future - whether you are at the start of your career or business, halfway there, considering a career change or considering exiting from your businesses. It's never too early or late to start. Considering how you are going to leave your assets?

Let's get the planning party started!

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