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Things to consider doing before the end of 2023/24.

Another new tax year is upon us, which means there's no better time to reconsider all things you may need to do prior to 5th April 2024.

From making savings to disposing of assets - this blog post will cover some of the main considerations to help save you money this tax year.

Top up your ISA.

ISA's are a great way to to make savings and investments for future whilst receiving tax-free growth and interest. The total amount that you can contribute to your ISA(s) in2023/24 is £20,000. This can be made up of contributions to one or more ISA account, just as long as the total amount across all ISA's doesn't exceed £20,000. The 4 different types of ISA are:

  1. Cash ISA

  2. Stocks and Shares ISA

  3. Innovative Finance ISA

  4. Lifetime ISA

Invest in your child or grandchild's future.

In addition to the £20,000 ISA allowance, you can contribute a further £9,000 per child, per year, into a Junior ISA. This money will then be able for the child to access when they turn 18 years old.

Utilise your capital gains tax allowance.

The annual capital gains tax exemption was cut from £12,300 to £6,000 for 2023/24, and will be reduced again for 2024/25, to £3,000.

The main rate of capital gains tax is 20% (or 28% if you're selling a second home), so this plus the reduction of the annual exempt amount could leave you with a pretty hefty tax bill.

It could therefore be wise to consider selling any assets before the annual exemption decreases again in April 2024.

Contribute to your pension pot.

You can pay up to £60,000 per year into your pension, before needing to pay any tax charges. Pension contributions are a great way to reduce your overall tax liability and can increase your basic rate tax band meaning that more income is taxed at 20%.

Do you need help with any of the above?

We appreciate that this is probably a lot of information to digest. Taxes can be pretty tricky to navigate and it's important to get these things right.

More often than not, the benefits of hiring an accountant far outweighs the cost, so get in touch with us today to find out how me might be able to help you.


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