Welcome to our blog on pre year end tax planning.
Here are some tax-saving actions to take before the deadline.
As we approach the end of the current tax year on 5 April 2024, it’s an opportune moment to examine both your personal and business finances to ensure they are structured to optimise your tax efficiency.
Despite the ongoing freeze on many tax rates and thresholds, numerous strategies remain for efficiently organising your financial matters.
Investment scams are a rising concern, promising potential investors the allure of making a significant amount of money swiftly and effortlessly. These scams often involve minimal to no risk investment in various areas such as financial markets, property, cryptocurrencies, and precious metals and coins. On page 12, we see how these schemes often masquerade as legitimate investments.
Once a concern only for the very affluent, Inheritance Tax (IHT) is now an issue for many ordinary families, who may find themselves handing over an unprecedented portion of their estates to the taxman. The Office for Budget Responsibility anticipates that IHT will bring in £7.2 billion in the fiscal year 2023/24. You can read this article on page 06.
On page 05, we consider the ever-evolving landscape of investment and why it might appear daunting. Market conditions are like shifting sands, unpredictable and often beyond control. They can be impacted by many factors, such as political events, economic indicators, corporate earnings reports and even natural disasters.
Contents:
03 – MANAGING YOUR FINANCES AS A COUPLE
Discussing finances may feel uncomfortable, but it is crucial to maintain a healthy relationship.
04 – PLANNING FOR AN EARLY RETIREMENT
Living life to the fullest and accomplishing long-held dreams.
05 – WEALTH ACCUMULATION
Valuable insights that can impact an investment strategy.
06 – WHAT WILL YOUR LEGACY LOOK LIKE?
Effective Inheritance Tax planning is a careful balancing act.
08 – PRE-YEAR-END TAX PLANNING
Tax-saving actions to take before the deadline.
10 – ADJUSTING YOUR PENSION PLANS
How could the normal minimum pension age change affect your plans?
11 – HARNESSING THE POWER OF GREEN PENSIONS
One of our most potent tools in making substantial strides towards net zero.
12 – PROTECTING YOURSELF FROM INVESTMENT SCAMS
If something sounds too good to be true, it probably is.
Read the full article here
