Tax Year Finale looms – don’t miss the deadline!
As the pages of the calendar flip ever closer to the 5th April we wanted to highlight all the main opportunities that will be lost when the curtain falls on 2023/24. With a potential change in government on the cards, who knows what might change – and as we have said in the past, if you don’t use it you lose it! Below is a brief list of the major action points to think about.
- Fill up your ISA and/or LISA, and make sure you fund JISAs for the kids too (if applicable).
- Boost your pension savings as much as you can.
- Consider a VCT investment (if appropriate) – especially if your pension contributions are limited.
- Use up your IHT gifting allowances.
For further details and annual investment allowances, please click here.
I also wanted to highlight some more specific points for you:
- Do you have kids or grandkids age 16 or 17? If so this is the last tax year they can take advantage of being able to open a Cash ISA for £20,000 plus a Junior ISA for £9,000 so a combined tax-free allowance of £29,000. From 6th April, you will need to be 18 to open a Cash ISA and so it will only be the Junior ISA Allowance of £9,000 that will be available.
- Lost Child Trust Funds– HMRC is urging parents/young adults to check if they have matured Child Trust Funds, as a large number of accounts are currently unclaimed. If you’re not sure, you can check here.
Have you thought about regulars? Setting up regular contributions to your ISA and pension ensures that you consistently save and invest – this could be to achieve a particular goal or just to help build wealth over the long term. You can also top up with lump sums (subject to total allowances) whenever you like.
Staying organised is a timeless practice, and if you haven’t checked it out yet, take a look at our “Notes on Life” document by clicking here. For those already using it to record all your important information and wishes, make sure to keep it up to date!
We’ll be back in touch with more reminders as we get closer to April, but please do get in contact now if you have any questions.
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