With Ammu Chartered Accountants
A new tax year – new opportunities for financial success
The new tax year offers opportunities that can enhance your financial future. This is an ideal time to plan ahead and manage your finances. Take time out and review your financial goals for a more secure financial future. Whether you are preparing to retire, pass on your wealth or even make a life change like a new career or start a business, a solid financial position is the cushion you need.
A key aspect of this planning is making the most of your Individual Savings Account (ISA) allowance.
You may be aware that from 6 April 2024, ISA rules will become simpler. A significant change is the ability to open multiple ISAs of the same type within one tax year. This means you can open new cash ISAs if better deals appear, giving you flexibility to distribute funds based on your financial goals.
Investors can also benefit by diversifying investments across different providers, using one stocks and shares ISA for long-term investments and another for frequent trades in the same tax year. Remember always seek expert financial advice.
The annual contribution limit for 2024/25 remains at £20,000, with Junior ISA and Lifetime ISA limits at £9,000 and £4,000 respectively. From 6 April the minimum age for cash ISAs is 18 years old.
It is worth thinking about recent national insurance changes, that came into effect from 6 January. You may have some more money in your pocket with savings potential for the new tax year.
Another option to look at is to set up a Family investment Company or Trust as a tax- efficient way of distributing wealth to loved ones. Remember your IHT gifting allowances to reduce inheritance tax liabilities.
Consider reducing Capital Gains Tax and your income tax liability by transferring any company shares you may have to your spouse.
We’d like to remind you to consider capital gains tax implications, particularly when selling a property. Check if you owe capital gains tax and plan accordingly. If you have more than one property make sure you tell HMRC which property should be treated as your home.
Get in touch with Ammu and we can help with your personal and business accounting needs.
Ammu Chartered Accountants
10 Newton Terrace
G3 7PJ
0141 290 0262
8 Miller Road
Ayr
KA7 2AY
01292 388031
ammu.uk
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