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Ten things to think about and act upon before end of tax year

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Ten things to think about and act upon before end of tax year

Lifetime news

Posted on: 03/04/2024

The current tax year ends on Friday (April 5th).

Here are 10 things that are worth thinking about – and acting upon.

  • Have you maximised your pension contributions?
  • Have you considered making a pension contribution for a child or grandchild?
  • Have you used your annual ISA allowance? £20,000 per adult.
  • Could you use your annual Capital Gains Tax exemption?
  • Have you used your annual dividend allowance?
  • Have you used your annual savings allowance?
  • Could you make use of your annual gifting allowances for IHT purposes?
  • Have you considered a transfer of unused personal income tax allowance between spouses?
  • Would a transfer of assets between spouses reduce taxable income/growth? Remember, a transfer between spouses does not result in crystallised gains.
  • For those that have lost or are losing an element of Child Benefit due to earnings levels – consider making a pension contribution to restore the full benefit.

Professional help and guidance are strongly encouraged when it comes to making important financial decisions. Big questions that could make a difference to your financial health and wellbeing. If you are unsure of how to get the very best from your personal finances then get in touch. Our specialists are here to help. They will be able to guide and support you through any questions or concerns you might have, and deliver the necessary advice that suits your needs.

 

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