Tax year end 2022/23

Lay the foundations for your financial future

Making the most of your available tax reliefs and allowances each year can help you to build the financial future you want. With the end of the tax year – 5 April 2023 – just around the corner, it’s important to check that you’re taking full advantage of those benefits before the deadline.

5 things to think about before 5 April

Maximise your ISA savings

You can save up to £20,000 in an ISA, or up to £9,000 in a Junior ISA each tax year. Make sure you consider taking full advantage of these allowances on your savings.

Use your Capital Gains Tax allowance

From next tax year (2023/24), the Capital Gains Tax allowance will reduce to £6,000. Are you making full use of your £12,300 annual allowance while you still have it?

Review your Pensions

Are you getting the most from the tax-efficient benefits your pension can bring?

Reduce your Inheritance Tax

You can reduce the Inheritance Tax your family might pay on your estate. Make use of your annual exemption and gift up to £3,000 before 5 April 2023.

Take advantage of your dividend allowance

Check you’re making the most of your dividend allowance before 5 April 2023. Remember, the dividend allowance will halve for the tax year 2023-2024.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is generally dependent on individual circumstances.

Your tax year-end checklist

Download checklist

Tax-smart New Year’s resolutions

Make 2023 less stressful by making good money habits that help you build towards the future you want and boost your financial wellbeing.

1. Check for unused tax relief

Some tax reliefs are often overlooked and left unused. For example, you can carry forward unused allowance on your pension from the 3 previous years. Get in touch to find out what you could benefit from.

2. Take action early

Although you have until 5 April, leaving tax planning until the last minute can bring unnecessary stress. For example, it could take longer for providers to process transactions if there’s a bottleneck. Give yourself peace of mind and plan your taxes sooner rather than later.

3. Speak to a financial adviser on a regular basis

Taking financial advice is perhaps your most important resolution, as it will drive the other good financial habits. By getting in touch, you can get clear, practical guidance. And if things change, we can help you stay on track towards meeting your financial goals.

 

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is generally dependent on individual circumstances.

Why it’s important to make tax part of your financial plan

Tax matters cut across every aspect of your finances, which means they can have great bearing on your financial wellbeing. The UK tax system offers a range of tax reliefs and allowances. Ensuring that tax is a part of your holistic financial plan means you can take full advantage of those allowances at every stage of your life.

Useful Articles

Don’t risk missing out on this years allowances, call us on 01892 527494 for a no-obligation review of your financial plan.