Which Tax-saving measures should you be reviewing before the 2023/24 year end?
Welcome to the first issue for 2024.
The tax landscape has witnessed considerable changes, making the situation more challenging for taxpayers and investors alike.
As we near the end of the 2023/24 tax year on 5 April, every taxpayer should understand the importance of this date and consider their tax position. Don’t leave it to chance and miss the deadline.
On page 09, we’ve provided some planning tips and tax-saving measures to consider and discuss with us.
Did you know as many as 1 in 20 people could have a pension they didn’t think they had? Could that be you?
It’s estimated £26.6 billion is currently trapped in forgotten pensions, averaging about £9,500 each. With most individuals juggling multiple jobs throughout their lifetime, it’s no wonder that some of these pensions fall through the cracks. Read the full article on page 12.
ESG (Environmental, Social, and Governance) investing, a socially responsible investing approach, seeks to harmonise financial returns with a company’s environmental impact, stakeholder relationships and global footprint.
Our planet faces numerous challenges, from climate change to a rapidly growing and ageing population. On page 08, we consider understanding and incorporating ESG opportunities into your investment strategy. Transferring wealth within a family is a delicate process that requires clear communication and effective planning.
Otherwise, it could lead to a potentially large tax bill and bad feelings in the family. This narrative was depicted in the hit American HBO series ‘Succession’.
By engaging in succession planning, you can ensure your assets are distributed according to your wishes, simplifying the process and maximising tax efficiency.
Contents:
Page 3
NATIONAL INSURANCE CONTRIBUTIONS (NICS)
Significant reforms and rates cut for millions of workers.
Page 4
CHANGES TO THE STATE PENSION
‘Triple Lock’ to increase by 8.5% from 6 April 2024.
Page 5
TIME TO SIPP INTO FINANCIAL FREEDOM?
‘I want to take charge of my retirement savings’.
Page 6
TAX-SAVING MEASURES
What actions to review before the 2023/24 year-end?
Page 8
BALANCING PROFIT AND PLANET
Striving to use impact to boost investment returns
Page 9
A TAX-EFFICIENT, FLEXIBLE METHOD FOR FUTURE PLANNING
Time is running out to use your 2023/24 ISA allowance
page 10
SUCCESSION PLANNING, A FAMILY AFFAIR
A delicate process that requires clear communication and effective planning
Page 12
TREASURE TROVE
£26.6 billion in forgotten pensions
Read the full article here
