Welcome to 2025! Time to get thinking about end of tax year planning
As we enter the new year, the economic landscape continues to evolve, with interest rates steadying and inflation tempering. While the future is always unpredictable and we can’t control everything, one thing is certain: taking proactive steps with your finances is within your power.
With the end of the tax year fast approaching, now is the ideal time to review your financial situation and ensure you’re making the most of tax-efficient opportunities before the new financial year begins on 6 April 2025. In challenging times, especially when finances have been pressured by the cost of living, it’s even more important to take stock of your financial situation and make strategic moves to optimise your tax position to stand you in the best financial position for the year ahead.
One very useful piece of advice is not to leave it to the last minute to think about this, let’s prepare sensibly and pragmatically.
Strategy for success
Planning for the end of tax year involves many considerations and can sometimes feel overwhelming. Let’s simplify things:
Consider boosting your pension contributions (and / or making contributions for your children), utilising your Dividend Allowance, or embarking on some Inheritance Tax (IHT) planning. Gifting allowances are worth genning up on – we can help.
If you're planning to dispose of or transfer assets, now is the time to make the most of this year's Capital Gains Tax (CGT) exemption.
Investors may want to explore tax-efficient options like ISAs (Individual Savings Accounts) and JISAs (Junior ISAs). For those with a higher risk tolerance, tax-efficient investments such as Venture Capital Trusts (VCTs) and Enterprise Investment Schemes (EISs) could also be worth considering.
If you’re unable to fully utilise ISA or JISA subscriptions or pay the maximum Annual Allowance into your pension, any contributions (especially regular ones) can all add up remarkably quickly.
Let’s talk it through
We can help you take control and develop a strategy to stand you in good stead to face the end of the tax year with confidence. Over the years, utilising your tax-efficient allowances could make a real difference to your financial circumstances.
Don’t wait until the last minute, get in touch now for expert advice.
This article is for general information only and does not constitute advice.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning.
