End-of-year taxation tips for 5th of April 2024

Dear Entrepreneurs and Business owners,

With the current tax year soon ending and the new one beginning it is worth considering whether you can be doing anything to minimise how much you have to pay to the Exchequer.

We set out below some useful advice points to help:

1. Pension contributions:

• If you have some spare money for an additional pension contribution it could save you 20/40 or 45% in income tax.
• If your income is over ￡50,000 a year before tax and you are claiming Child Benefit an additional pension contribution could take you under the limit at which you lose your entitlement.
• If your income is between ￡100,000 and ￡125,000 a year then pension contributions could be used to potentially reclaim part of your tax-free Personal Allowance whilst obtaining tax relief of up to 60%.
• Even if you are paying no tax you can potentially still obtain tax relief through a pension contribution up to a maximum gross payment of ￡3600 (￡2880 net).2. Capital Gains Tax

• The current CGT allowance is ￡6000 for the tax year reduced to ￡3000 for the next year from the 6th of April.
• Do you have an asset that you can dispose of to utilise this benefit before it's gone?
• The CGT rate on share disposals is 10% or 20%, depending on your income, which is significantly lower than regular income tax rates.
• Bear in mind that the rates are currently higher for residential property being 18% and 28% plus you have to notify HMRC promptly if you dispose of a residential piece of property.

Further suggestions:

• Make sure you check the PAYE code being applied to your salary or pension as it's your responsibility to make sure it's correct.
• HMRC has recently issued PAYE codes so go on to your Government Gateway account to make sure that it is in order.
• Make sure you are not one of the people paying HMRC ￡100 penalty in January 2025- get your 23/24 Self Assessment tax Return completed early this year!

The above information is just a small example of the help we can give in tax planning and running your affairs efficiently.

Please bear in mind not everything will apply to every taxpayer & you should take qualified advice before taking any course of action

If you need help to explore any of these tax strategies, then book a telephone

We have one last Masterclass session in March, see below for the full details.

P.S.

As a quick reminder, it's the last event for March 2024 ???

Financial Freedom Masterclass for Businesses (Wednesday, 27th March 2024 at 4 pm)

Click here to register

Join me on our exclusive Masterclass where we'll dive into the secrets of financial freedom. We'll talk about action planning, business snapshots, life planning, and all the juicy details to help you double your take-home pay in your Business.

Dates for the diary are:-

Saturday 6th April - New Tax Year

Thursday 11th April - Financial Freedom Masterclass

Wednesday 17th April - Conquering Cashflow Masterclass

Tuesday 30th April - Financial Freedom Masterclass

Nicola-Dawn Cross

CEO of Arcus Accountants & Business Advisers, Arcus Associates, and Management Consultant at Scarlet Consulting (Rutland), Co-Founder of the Financial Freedom Blueprint, and Author.

Andrew Cross CTA MAAT

CEO of Arcus Accountants & Business Advisers, Arcus Associates. Taxation Adviser with the Chartered Institute of Taxation (CIOT) and a Member of the Association of Accounting Technicians (MAAT).

What we can do for you?

Our Financial Freedom Blueprint? It's your ticket to:

Lay Some Solid FOUNDATIONS:

• We're talking about building a strong business base that'll have your consultancy standing tall and strong.

Get Friendly with YOUR NUMBERS:

• Let's demystify the financial side of things, so you're not just in the loop but making savvy decisions like a professional.

FUTUREPROOF Your Lifestyle and Business:

• We're gearing you up with the smarts to secure both your lifestyle and your business future. It's all about your long-term success.

Interested?

Sign up NOW for our Financial Freedom Blueprint Masterclass

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