What should I look at doing at the start of the tax year 2024/25?

Category: Tax

We have updated our guide to actions that could be taken to minimise taxes here.

Key points include:

  • Income Tax: Strategies are suggested to reduce taxable income, such as making pension contributions and redistributing investments between spouses to effectively use personal allowances.
  • Capital Gains Tax: The guide discusses annual exemptions and the importance of timing asset disposals to maximise tax efficiencies.
  • Inheritance Tax: Utilization of annual gifting exemptions is advised to mitigate inheritance tax liabilities.
  • Savings and Investments: The document suggests maximising allowances in ISAs, JISAs, and considering investments in EISs and VCTs for those willing to accept higher risk for potential tax reliefs.
  • Pensions: It covers how much can be contributed to pensions, the benefits of salary sacrifice, and tips for managing pension contributions to optimise tax reliefs.
  • Tax Year Dates: Important deadlines and dates for the tax year are outlined to help ensure compliance and planning.
  • Self-Assessment Tax Return: Criteria and requirements for those needing to file a self-assessment tax return are specified.

The guide emphasises the importance of early and strategic planning to take full advantage of available tax reliefs and to ensure compliance with tax obligations.

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