Tax Year-End - Pinnacle Wealth

There's a cost to avoiding things we don't enjoy

That includes tax year-end planning

There’s a cost to avoiding things we don’t enjoy — whether it’s going to the gym or making that dentist appointment. We know it makes sense in the long run, even if it’s not always fun in the moment.

The same goes for tax year-end planning. While it might not be the most exciting task on your to-do list, taking the time to plan properly can save you money and help you achieve your financial goals. Don’t put it off. Smart tax planning ensures you’re taking full advantage of available reliefs and allowances, and can make a real difference to your bottom line.

It pays to tackle the trickier things in life

Seek expert advice well in advance of the 5th April deadline and tax year-end planning will be one less thing to worry about. Whether it’s opening or topping up an ISA, maximising your Capital Gains Tax allowance or adding to your pension, we’re here to help.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.

Your tax year-end checklist

Ensure you’ve made the most of your available tax reliefs and allowances to create the financial future you want.

ISAs

Maximize the annual ISA allowance of £20,000 per individual (£40,000 for a couple). Contribute up to £9,000 per child/grandchild into Junior ISAs.

Pensions

Consider increasing pension contributions to utilize the annual allowance fully, including carrying forward unused allowances from the previous three years. Spread large pension withdrawals over multiple years to minimize income tax.

Capital Gains Tax

Use the reduced CGT exemption (£3,000) before the tax year ends.

Income Management

High earners can reduce taxable income by increasing pension contributions or making charitable donations, potentially retaining personal allowances and benefits like Child Benefit.

Estate Planning

Gift up to £3,000 annually to reduce the value of your estate for Inheritance Tax purposes.

Business Owners

Opt for dividend income instead of salary to utilize the £500 tax-free dividend allowance and reduce NICs.

General Advice

Undertake a comprehensive tax health check to ensure all tax reliefs and allowances are maximized.

The value of an investment with St. James’s Place will be directly linked to the performance
of the funds selected and may fall as well as rise. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time and are
generally dependent on individual circumstances.

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