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Although the content of the article(s) archived were correct at the time of writing, the accuracy of the information should not be relied upon, as it may have been subject to subsequent tax, legislative or event changes.
A word from the office - February edition
It’s finally February! The nights are getting lighter and spring is on the way. The team are still running twice a week, although the weather has not improved. Places have now been booked for the Swansea Half Marathon in June, with that in mind the team have a plan in place to achieve their goal.
Monthly Headline from Quayside:
With plans and spring in mind, and March fast approaching, End-of-year tax planning can help individuals and businesses reduce their tax liabilities and make the most of available allowances and reliefs. Here are five top tips for end-of-year tax planning:
1. Maximise ISA Contributions: Individual Savings Accounts (ISAs) offer tax-efficient savings and investment opportunities. You can invest up to a certain limit each tax year (which may vary) without paying income tax or capital gains tax on the returns. Ensure you maximise your ISA contributions before the end of the tax year to benefit from tax-free growth.
2. Utilise Pension Contributions: Contributing to a pension scheme can provide tax relief on your contributions, making it a tax-efficient way to save for retirement. Higher rate and additional rate taxpayers can claim further tax relief through self-assessment. Maximising pension contributions before the end of the tax year can help reduce your taxable income.
3. Take Advantage of Capital Gains Tax Allowance: Capital gains tax (CGT) is applicable when you sell or dispose of assets such as property, investments, or certain personal possessions. Utilise your annual CGT allowance effectively by considering the timing of asset disposals. For example, spreading disposals over multiple tax years can help minimise CGT liabilities.
4. Explore Tax-Efficient Investments: Investigate tax-efficient investment opportunities.
5. Optimisation of Investments: End-of-year tax planning provides an opportunity to review and optimise your investment portfolio. By strategically timing asset disposals and rebalancing your investments, you can minimise capital gains tax liabilities and maximise returns.
6. Financial Discipline and Planning: Engaging in end-of-year tax planning encourages financial discipline and long-term planning. By assessing your financial position, identifying tax-saving opportunities, and setting goals for the upcoming tax year, you can make informed decisions to optimise your finances and achieve your financial objectives.
Overall, effective end-of-year tax planning can lead to significant financial benefits, including reduced tax liabilities, increased savings, optimised investments, and improved financial management. It's essential to seek advice from qualified tax professionals to develop a tailored tax strategy that aligns with your financial goals and objectives.
The value of an investment with St. Jame’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is generally dependant on individual circumstances.
We have Moved!
Don’t worry, we have not gone far, next door in fact and we don’t mean the building next door, literally the room and we can’t wait to show you what we have been working on at your next visit.
Further Insights
If you’re interested to read further, we also have more useful information on our website which can be found here.
Contact your Adviser
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