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New year, new tax strategies: Navigating the 2024 tax landscape


2024 promises to be an interesting year for taxes, filled with a mixed bag of changes. While the recent National Insurance cut offers a glimmer of hope for savings, other adjustments may paint a different picture.

To help you navigate this shifting landscape and maximise your tax efficiency, we delve into some key strategies to make your finances feel a little richer in the coming year:

  • Capitalise on the shrinking allowance: Act fast on asset sales before the Capital Gains Tax allowance plummets by half to £3,000 in April 2024. If you've been considering parting ways with any investments or property, it could be advantageous to do so before the deadline to lock in the current, more generous allowance.
  • Embrace the ISA Sanctuary: Individual Savings Accounts (ISAs) remain your tax-free haven. Shield your savings and investments from the bite of the taxman by fully utilising your annual ISA allowance. Remember, there's a variety of ISA options available, from cash to stocks and shares, so tailor your choice to your investment goals.
  • Reduce your taxable footprint: By strategically utilising available deductions and allowances, you can lower your taxable income and potentially slip into a lower tax bracket. Explore options like pension contributions, charitable donations, and childcare expenses. Consult with our tax team and/or financial advisers for personalised recommendations.
  • Plan for the future: Inheritance Tax can eat into your loved ones' inheritance. Consider implementing tax-efficient gifting strategies or exploring trusts to minimise the impact of this. Remember, seeking professional advice is crucial to ensure these transfers are executed effectively and comply with all legal requirements.

While managing taxes might seem daunting, remember, you're not alone. We're here to guide you through the complexities of the 2024 tax landscape and help you develop a personalised strategy to optimise your financial well-being.

Disclaimer: This blog post is for general information only and should not be construed as tax advice. Please call us for personalised guidance on your specific situation.

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