8 Smart Financial Moves
As we approach the end of the tax year, it's time to consider some savvy financial decisions that could make a significant impact on your long-term financial well-being. Here are some quick wins to consider before the tax year ends:
Top up your ISA: Take advantage of your £20,000 ISA allowance before the tax year ends. Whether it's a Cash ISA, Stocks and Shares ISA, LISA, or innovative finance ISA, investing in an ISA offers tax-free growth and income.
Maximise Pension Contributions: Maximise tax benefits by contributing to your pension before the tax year ends. Contribute up to £60,000 or more if carry forward allowance is available. Enjoy tax relief at your marginal rate and consider reinstating benefits tapered by higher income. Utilise 'Carry Forward' rules to make the most of unused allowances from previous years, ensuring you don't miss out on potential savings.
Save for your children: Consider opening a Junior ISA (JISA) for your children with an allowance of £9,000 per annum. This provides a valuable nest egg for their future when they turn 18.
Open a Lifetime ISA: Explore the benefits of a Lifetime ISA (LISA), designed for those saving for their first home or retirement. With a maximum annual contribution of £4,000, you can receive a 25% government bonus, boosting your savings.
Utilise your Capital Gains Tax Allowance: Take advantage of the current £6,000 Capital Gains Tax Allowance before it halves to £3,000 in the next tax year.
Maximise your Dividend Allowance: Make the most of your £1,000 tax-free dividend allowance before it reduces to £500 per annum in the next tax year.
Consider Gifting and Estate Planning: Take advantage of annual gift exemptions (£3,000) and small gifts exemptions (£250) to reduce future inheritance tax implications.
Explore Other Allowances: Understand your Personal Savings Allowance (PSA) to maximise tax-free savings interest income/growth.
Tax Year Dates for 2023/2024
Stay informed about important tax year dates to ensure compliance and avoid penalties:
April 6th, 2024: Start of the current tax year.
April 19th, 2024: Deadline for the final PAYE submission for the previous tax year.
April 30th, 2024: Penalties for unfiled self-assessment tax forms will be applied.
How Can CPW Help?
At Cleveden Park Wealth, we specialise in helping our clients make informed financial decisions to maximise their wealth and achieve their long-term goals.
Our expert financial advisors can guide you through the complexities of tax planning, ensuring you take advantage of all available reliefs and allowances.
Contact us today for a free consultation and start planning for a financially secure future.
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