One Four Nine Wealth – Guide to Make Your Money Work
Time is running out to review your plans and fully capitalise on tax-saving options.
Managing your personal wealth and tax obligations requires ongoing assessment and clearly defined tax planning strategies for you and your family. It’s essential to review your personal tax position before the conclusion of the tax year.
Reviewing the key areas detailed below in advance can assist you in minimising your tax liability and capitalising on available tax reliefs.
The UK tax year is a well-structured framework for tax assessment and collection. It begins on 6 April and runs until 5 April the following year. As we approach the end of the 2024/25 tax year, maximising available opportunities is essential for making the most of your finances.
One of the most significant aspects of the UK tax year is the resetting of tax allowances. Each tax year, allowances for Income Tax, Capital Gains Tax, ISAs, pensions and various other financial benefits begin anew, offering valuable opportunities for strategic planning.
Think about your personal Income Tax allowance
Everyone has a personal allowance, which is the amount of money they can earn each tax year without being liable for tax. The personal allowance for the current tax year is £12,570. If you are married or in a registered civil partnership, you might consider transferring some of your assets to the name of the individual who is a lower rate taxpayer or who is not employed, in order to minimise your tax liability.
If your income falls below the personal allowance (or you’re a non-taxpayer due to other allowances), the marriage allowance may permit you to transfer up to £1,260 to your partner (and this can be backdated for up to four previous tax years if eligible). You cannot carry any unused personal allowance into the next tax year.
Read our Guide to Make Your Money Work Harder for You below.
The Financial Conduct Authority does not regulate on Tax Planning.
