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If Not Now, Then When? Planning for the End of the Tax Year

23rd Feb 2024 | Tax

As the calendar pages turn, we find ourselves once again on the cusp of the end of the tax year. It’s a period marked by urgency and the potential for significant financial decision-making. Here at Highwood Financial Services, we understand the importance of this time and the opportunities it presents for individuals and businesses alike. The question we pose to you today is, “If not now, then when?”

The end of the tax year is a critical juncture for financial planning. It’s the optimal time to review your finances, consider tax-saving strategies, and make the most of your allowances. Failure to act now could mean missing out on opportunities to reduce your tax liability and enhance your financial well-being.

Firstly, consider your ISA (Individual Savings Account) allowance. With the ability to save or invest up to £20,000 tax-free each year, the end of the tax year signals the last chance to maximise this opportunity. Unused allowances cannot be carried forward, so it’s a case of use it or lose it.

Pension contributions are another area ripe for consideration. Contributing to your pension can reduce your taxable income and, consequently, your tax bill. Moreover, the government adds to your contributions in the form of tax relief, making it a particularly effective way to save for retirement.

Capital Gains Tax (CGT) planning is also essential. If you have assets that have increased in value, now is the time to consider selling some to utilise your annual CGT allowance. This strategy can help you realise gains without incurring a tax charge.

In conclusion, the end of the tax year is a pivotal moment for financial planning. It offers a last chance to utilise allowances and strategies that can significantly impact your financial landscape. At Highwood Financial Services, we urge you not to let this moment pass by unheeded. If not now, then when? Engage with us today to ensure you’re making the most of your financial opportunities as the tax year draws to a close.

Get in touch to see how we can help your clients plan for the next tax year.

This article is not intended as advice.  Always consult an Independent Financial Adviser for advice on your personal circumstances,

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