As another year passes, one that has been much more stable both politically and economically than previous years with inflation is coming under control, challenges still remain for many. As we head into a new year, the tax year continues. You’ll still have three key months in which to review your finances before several important changes come into play.
To help you focus on the issues, our guide to Year End Financial Planning 2023/24 brings you essential guidance for your year end financial planning.
The Chancellor’s Autumn Statement was framed as tax cuts for all, but in fact tax revenue is the highest it’s been in 50 years, with a period of frozen tax thresholds put in place from 2022 barely underway. Changes due to be implemented in April 2024 will be felt across taxation, pensions and investments. The capital gains tax exemption amount and dividend tax-free allowance halve again from 6 April, so planning in these areas is particularly relevant. We can help you navigate all the complexities and hurdles, keeping your personal finances on track.
Our guide to Year End Financial Planning 2023/24 will assist you in making sure you maximise your allowances and reliefs to reduce your tax bill. The guide offers practical, concise steps you can take across key issues, such as:
- income tax saving opportunities
- tax-efficient investments
- pensions planning
- directors, employees and the self-employed
- capital gains tax planning
- inheritance tax planning
- charitable giving.
We hope the guide gives you some ideas for how to make the most of your finances for the end of the tax year. If you would like to discuss any of the issues raised, please do not hesitate to get in touch with our Financial Planning team on 01142 664 432 or info@smh.group
Don’t forget – if you don’t use some of your tax allowances before 6 April 2024, you lose them.
Download our Year End Financial Planning guide here
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