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As the tax year comes to a close on 5 April, it\u2019s a great time to get your finances in order and take advantage of any available tax breaks. Whether you\u2019re employed, self-employed, or have investments, here are some simple year-end tax tips to consider.<\/p>\n
Every tax year, you have an Individual Savings Account (ISA) allowance, which is currently \u00a320,000. Any money you save in an ISA is tax-free, including interest and investment growth. If you haven\u2019t used your full allowance, now\u2019s the time to do so as it doesn\u2019t roll over to the next tax year.<\/p>\n
Contributing to your pension is a tax-efficient way to save for the future. You can contribute up to \u00a360,000 a year (or 100% of your earnings, whichever is lower) and receive tax relief. If you\u2019re a higher-rate taxpayer, you could effectively reduce your tax bill by making a pension contribution before the tax year ends.<\/p>\n
If you\u2019ve sold assets like shares, property (that\u2019s not your main home), or other investments, you may need to pay Capital Gains Tax (CGT). The annual CGT allowance for the 2024\/25 tax year is \u00a36,000. Any gains above this threshold will be taxed, so if you have assets to sell, consider using up your allowance before the new tax year begins.<\/p>\n
It\u2019s worth checking your tax code to make sure you\u2019re being taxed correctly, especially if you\u2019ve changed jobs or had multiple sources of income during the year. An incorrect tax code could mean you\u2019re paying too much (or too little) tax.<\/p>\n
If you\u2019re employed and have incurred work-related expenses (such as travel, tools, or uniforms) that your employer hasn\u2019t reimbursed, you may be able to claim tax relief. You can do this through HMRC\u2019s online portal.<\/p>\n
If you\u2019re married or in a civil partnership and one of you earns less than the Personal Allowance (\u00a312,570), you may be able to transfer \u00a31,260 of your Personal Allowance to your partner. This can reduce their tax bill by up to \u00a3252 a year.<\/p>\n
If you\u2019ve made charitable donations throughout the year, make sure you\u2019ve claimed Gift Aid where applicable. This allows charities to claim an extra 25% on your donation from the government. If you\u2019re a higher-rate taxpayer, you can also claim additional tax relief on your donations.<\/p>\n
Final Thoughts<\/strong><\/p>\n Taking a few moments to review your finances before the end of the tax year can help you maximise tax savings and ensure you\u2019re not leaving any money on the table. If your situation is complex, consider speaking to a financial advisor or tax professional for personalised advice.<\/p>\n Don\u2019t wait until the last minute \u2014 a little planning now can lead to significant savings in the long run.<\/p>\n If you want any further help or guidance please feel free to get in touch with our team for a free initial consultation.<\/p>\n","protected":false},"excerpt":{"rendered":" As the tax year comes to a close on 5 April, it\u2019s a great time to get your finances in order and take advantage of any available tax breaks. Whether you\u2019re employed, self-employed, or have investments, here are some simple year-end tax tips to consider. Use Your ISA Allowance Every tax year, you have… <\/p>\n