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Lelan Spence’s 5 Top Tax Tips for 2024/25 – Maximise Your Tax Efficiency  

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Tax allowances allow you to keep more of your hard-earned cash, the new tax year brings some changes you should know about.

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By implementing these tax-saving tips, you can keep more of your hard-earned money and invest it towards your financial goals. Remember, this is just a general overview, and it’s always recommended to consult with one of our financial advisers for personalised advice tailored to your specific circumstances. We’ve looked at some key areas where you can make the most of your allowances and potentially save on your tax bill. 

Reduced Dividend & Capital Gains Allowances:  These allowances have been cut, so planning is key. Consider moving assets to tax-efficient accounts like ISAs or pensions. Talk to a financial adviser. To develop a personalised strategy. 

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How do you make tax allowances work for you?

  1. Couples Boost:  Married couples can transfer unused personal allowances using the Marriage Allowance. This can save you up to £252. 
  1. Maximise ISAs:  Within an ISA, any cash or investment can receive interest or achieve growth, free of income and capital gains tax. Make sure to use your full annual ISA allowance of £20,000. https://snfinancial.co.uk/investment/stocks-and-shares-isas/
  1. Capital Gains on a Budget:  The annual Capital Gains Tax (CGT) allowance has halved to £3,000. Careful consideration should be made before selling assets to understand potential tax liabilities; an adviser can help! 
  1. Power Up Your Pension:  You can achieve great income tax relief by saving into a pension. Individuals can receive an Annual Allowance on pension contributions up to £60,000 per tax year. https://snfinancial.co.uk/pension/pension-advice/
  1. Gift Smartly:  Inheritance Tax planning helps minimise tax burdens on loved ones. Utilise gift allowances and understand current nil rate bands. https://www.gov.uk/inheritance-tax/gifts

For the official line, see the link to HMRC website https://www.gov.uk/government/collections/rates-and-allowances-hm-revenue-and-customs

Let’s work together to make your money work smarter!

As a Financial Planner, I help my clients utilise allowances effectively to improve their financial wellbeing. Keeping track of changes to legislation that can affect them, so they don’t have to. This is a crucial part of financial planning – which alongside investment advice – leads to great outcomes for my clients. If you would like to know more, please get in touch. 

Remember: 

This information is general and doesn’t constitute financial advice.  Seek professional guidance for tailored solutions based on your unique circumstances. 

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