7 Tax Planning Ideas to Consider This Month


As the end of the personal tax year (5 April) will soon be upon us, I have prepared a list of things for you to consider to ensure you are maximising your tax efficiency.

Of course, everyone’s circumstances are different, so please feel free to get in touch with your Client Manager if you want to discuss your situation or aren’t sure whether something will work for you or not.


  1. Maximise ISA Contributions: Ensure you’ve taken full advantage of your annual ISA allowance (£20,000 for the 2023/24 tax year), which offers tax-free growth and withdrawals. When interest rates were low these weren’t particularly useful but now, with rates at 4-5%, it starts to add up. And you could put £20k in before 5 April and then another £20k after 6 April.If you have children, you can pay into a junior ISA for them. (If they deserve it!)
  2. Pension Contributions: Review your pension contributions to maximise tax relief. The annual allowance for most taxpayers is £60,000, but remember this can be lower if your income is over £260,000 or you’ve already started drawing a pension. Consider carrying forward unused allowances from the past three tax years. A Financial Advisor can help make sure you get the best pension.
  3. Capital Gains Tax (CGT) Allowance: Utilise your annual CGT exemption by realising gains up to £6,000 (for 2023/24). The allowance will halve next year. If you have unrealised losses, consider harvesting these to offset against any gains.Selling things like cryptocurrencies, stocks and shares, artwork etc. before the end of the tax year can make sure you do it in the most tax-efficient manner. Although it might not be the best time to realise the most profit, so that needs to be weighed up. If you need help with calculations, please speak to us.
  4. Inheritance Tax (IHT) Planning: Use your annual gift allowance of £3,000 to reduce your potential IHT liability. Small gifts of up to £250 per person are also exempt, as are gifts out of your income that do not affect your standard of living. See the full rules here: https://www.gov.uk/inheritance-tax/gifts
  5. Charitable Donations: Donations made through Gift Aid can reduce your income tax bill, especially if you’re a higher or additional rate taxpayer. The charity can claim basic rate tax relief on the donation, and you can claim the difference between the basic rate and your highest rate of tax.
  6. Dividend Allowance: If you receive dividends, ensure you’re making use of your £1,000 tax-free dividend allowance. It halves again next year to £500. If we do your tax return, we will do this for you.
  7. Marriage Allowance: If one partner earns less than the personal allowance (£12,570 for 2023/24), consider transferring the Marriage Allowance to reduce the higher earner’s tax liability. However, this only applies if one pays tax at the basic rate and one is below the personal allowance limit.

Implementing these strategies can be complex and depends on your specific financial situation. We recommend scheduling a review meeting to discuss how these opportunities can benefit you personally or your business operations. Our team is ready to provide tailored advice and support.

Please contact us to arrange a convenient time for a discussion or if you have any immediate concerns or questions.

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