"📅 Maximise Your Tax Savings Now! 💰"

📢 UK Tax Year End: Are You Ready? 

 

The UK tax year wraps up on 5 April – time to get your finances in check! Whether you're self-employed, a business owner, or just looking to maximise tax savings, here’s what you need to know.👇 

 

📅 Key Dates to Remember 

 

🗓 5 April – End of the tax year 

🗓 6 April – New tax year begins 

🗓 31 January – Online Self Assessment deadline 

🗓 5 October – Deadline to register for Self Assessment 

 

💰 Maximise Your Allowances Before It’s Too Late! 

 

✅ £12,570 Personal Allowance (tax-free income) 

✅ £20,000 tax-free ISA investment 

✅ £6,000 Capital Gains Tax exemption 

✅ Up to £60,000 pension contribution tax relief 

✅ Marriage Allowance – Transfer up to £1,260 of unused Personal Allowance to your spouse to reduce their tax bill. 

✅ Dividend Allowance – Receive up to £1,000 in dividend income tax-free. 

✅ Gift Aid Donations – Donations to charities can provide tax relief. 

 

📌 Self-Employed or Own a Business? Do This! 

 

🚀 Claim expenses – Travel, office costs, and more! 

🚀 Use Annual Investment Allowance (AIA) – Deduct qualifying purchases from profits. 

🚀 Pay into a pension – Reduce taxable income & save for the future. 

🚀 Check VAT thresholds – If turnover is approaching £85,000, you may need to register for VAT. 

🚀 Consider tax-efficient profit extraction – Salary vs. dividends can impact your tax bill. 

🚀 Use cash basis accounting – A simpler method for small businesses to report income and expenses. 

 

📝 Get Ready for Tax Returns 

 

📂 Gather your documents – P60s, P45s, dividend statements, pension contributions, rental income details, and more. 

📌 Check your tax code – Avoid under/overpaying! 

📊 Look into tax-efficient investments – VCTs & EIS for extra relief. 

📢 Declare all additional income – Rental, freelance work, side gigs – make sure everything is accounted for!📑 Check National Insurance Contributions (NICs) – Ensure you qualify for full State Pension benefits. 

📋 Review past tax returns – Spot any mistakes or missed reliefs to amend in time. 

 

⏳ Don’t Leave It Last Minute! 

 

With only a few weeks left, act now to make the most of your tax allowances. Need help? A tax adviser can guide you! ✅ 

 

💡 Pro Tip: If you expect a refund, submitting your return early means getting your money back sooner! 💰 

 

📌 Tag someone who needs this tax year-end reminder! 🔖✨ 

 

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