A word from the office - February edition
As we mentioned in our January newsletter, we’re excited to be working towards a big goal for 2025, raising £10,000 for the amazing Pied Piper Appeal! To get things started, Alex has already completed his first 10km run in Oman as part of the challenge! We’ll keep you updated on how things are going and share ways you can get involved to help us hit our target.
Now that we’re in February and January is behind us, the end of the tax year is coming up fast. In this and upcoming newsletters, we’ll share tips, ideas, and important dates to help you make the most of your tax allowances before the deadline. Stay tuned as we count down to April 5th!
Monthly Headline
As we approach the end of the tax year, February is the perfect time to review your finances and ensure you’re taking advantage of all available allowances and reliefs. A few smart moves now can make a significant difference to your savings and tax bill. Here’s what to keep an eye on:
1. Max Out Your ISA Allowance:
You can save up to £20,000 tax-free in an ISA this tax year. If you don’t use it by April 5th, you lose it, so now’s the time to consider topping and make the most of that tax-free growth.
2. Boost Your Pension Contributions:
Contributing to your pension not only grows your retirement pot but also reduces your taxable income. Higher and additional-rate taxpayers can claim up to 45% tax relief through their tax return, why not use this to your advantage?
3. Review Capital Gains Allowance:
If you're planning to sell assets like property or shares, remember the annual tax-free capital gains allowance. For the 2024/25 tax year, it’s £6,000, and any unused allowance won’t roll over.
4. Consider Gifting to Reduce Inheritance Tax:
Looking to pass on wealth? The annual gift allowance of £3,000 per person helps reduce your estate’s future inheritance tax bill.
5. Get Your Paperwork in Order:
Organising receipts, bank statements, and investment documents now will make tax filing smoother and ensure you don’t miss any deductions or allowances.
Final Thoughts:
Tax planning might not be the most exciting task, but it’s one of the most effective ways to keep more of your hardearned money.
Further Insights
If you’re interested to read further, we also have more useful information on our website which can be found here.
Upcoming Events
Girls Just Wanna Have Funds - 28 February 2025 at 4:30pm
Building confidence for women and their finances, taking back control in a modern world of uncertainty and changing rules. A focused session on understanding investments. Click Here to book your place.
Charity News
Let’s do this!! It’s official, we’re going to try and raise £10,000 for the @piedpiperappeal by doing some crazy challenges around the magic number 10,000. We need your support, whether it’s a 10k run, a skydive or something even crazier, we won’t achieve it without your generosity so please keep your eyes on social media as together we can make a difference.
Contact Your Adviser
To book a no-obligation meeting with your adviser, whether it be Alex, Amelia, Liam, Piers or Steve - please click here.
Although the content of the article was 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.Clicking a link will open a new window. Any external sites are not endorsed by St. James's Place.
The value of an investment with St. James'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 dependent on individual circumstances.
