Tax planning ahead of the Autumn Budget
Although the end of the tax year may still feel some way off, planning early gives us more time to consider the opportunities available and helps avoid the inevitable last-minute rush. The first budget under John Healey has been slated for the 28th October and whilst we can’t predict what will be announced, and when it will come into effect, it makes sense to use your existing allowances while you can.
To remind you of some of the key allowances:
- ISA allowance: £20,000 per person
- Junior ISA allowance: £9,000 per child
- Pension annual allowance: up to £60,000, depending on your earnings and individual circumstances
- Capital Gains Tax annual exemption: £3,000 per person
It may also be worth considering:
- whether you have unused pension allowance available to carry forward from the previous three tax years;
- if there are allowances available across your wider family, including those of a spouse or civil partner.
If you’re thinking about adding to your investments, are considering additional pension contributions, or just want to check you’re making the most of this year’s allowances, we’d be pleased to help you with this. The earlier we hear from you, the more time we will have to make any recommendations and complete the necessary arrangements comfortably before the deadline.
As always, once the Budget has been announced, we’ll review any changes and be in touch to explain how they might affect you and whether there’s anything you should consider. In the meantime, we look forward to hearing from you if you’d like to discuss making use of the current allowances.
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