With the 2024/25 tax year ending on 5th April 2025, now is the time to review your finances and maximise available allowances before they reset.
Here are some key areas to consider:
✅ ISAs – Use your £20,000 allowance before it’s lost. Consider funding a loved one’s ISA, JISA (£9,000 limit), or LISA (£4,000 + 25% govt bonus).
✅ Capital Gains Tax (CGT) – The annual exemption is now just £3,000 (£1,500 for trusts). Selling assets within this limit could reduce tax liability.
✅ Pensions –
🔹 Review your State Pension NI contributions a special window to pay for gaps back to 2006 closes on 5 April 2025.
🔹 Maximise pension contributions within your £60,000 annual allowance, and use up any unused allowance from 2021/22 before it's lost.
✅ Income Tax Planning – Pension contributions can help reduce taxable income, restore the £12,570 personal allowance if earnings exceed £100k, and optimise tax efficiency. Marriage Allowance claims for 2020/21 must be made by 5 April.
✅ Gifting & Inheritance Tax – Use your £3,000 annual gifting exemption, small gift allowance (£250 per person), or wedding gift allowances before they reset.
The tax year-end is a great opportunity to plan ahead and make smart financial decisions. If you’d like to discuss how best to optimise your finances before 5th April, feel free to reach out!
I am an Independent Financial and Mortgage Adviser and have worked in Financial Services for over 12 years. During my career I gained experience in assisting both individual and corporate clients.…
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