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For nearly two decades, Davenport Thomas’s highly experienced team has worked closely with numerous accountancy practices to support their clients with a wide range of financial planning needs.

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Act now for End of Tax year Planning

22nd Feb 2024
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For nearly two decades, Davenport Thomas’s highly experienced team has worked closely with numerous accountancy practices to support their clients with a wide range of financial planning needs.

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Have you found this content useful? Use the button above to save it to your profile.

Now that the mad rush for tax returns for 2022/23 is over, it’s time to be aware of how you can help any clients with large tax bills to maximise their tax allowances ahead of the new financial year, which starts on 6 April 2024.

Act now for end of tax year planning | Davenport Thomas | Notebook with tax allowances sign on a table. Business concept.
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With just a few weeks to go until the end of the tax year, this is the perfect time to check you’ve taken full advantage of your annual allowances and are in the best financial position for the year ahead.

You’ve still got time - but don’t leave it to the last minute!

Plan to succeed

There’s lots to take into consideration when planning for the end of the tax year – it can often feel a little overwhelming! Let’s break it down a bit:

Perhaps you might think about topping up your pension contributions (and/or making contributions on your children’s behalf), using your Dividend Allowance or doing some Inheritance Tax (IHT) planning.

If you have assets to dispose of or transfer, act now to ensure you take full advantage of this year’s Capital Gains Tax (CGT) exemption.

Keen investors might look at tax-efficient investments, including ISAs (Individual Savings Accounts), JISAs (Junior Individual Savings Accounts) and – for investors with a greater appetite for risk – tax-efficient investment vehicles such as Venture Capital Trusts (VCTs) and Enterprise Investment Schemes (EISs).

Even if you’re not in a position to fully utilise ISA or JISA subscriptions or pay the maximum Annual Allowance into your pension (for instance), it can all add up surprisingly quickly. Over the years, utilising your tax-efficient allowances could make a real difference to your financial wellbeing.

Contact us  

For a discussion about how we can help with you and your clients with end of tax year planning, you can book directly into Richard’s diary here, email us or call us.

[email protected]

Contact number – 0208 6182077

https://calendly.com/richard-dtapp

 

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The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. A pension is a long-term investment not normally accessible until 55 (57 from April 2028).