Anyone for some more last minute, year end tax planning?

PENSION CONTRIBUTIONS:

• Locums - pay all your Locum B pension contributions by 5^th April to ensure you get your tax relief in the 23/24 tax year! Read my guide on how to complete the March Locum B form here as the basis for completing this form is different to all others in the year.
• For those in the NHS Pension scheme – any additional private pension contributions could have significant, unwelcome tax repercussions. Seek advice from an IFA who specialises in NHS doctors.
• For those not in the NHS pension scheme - contributing to a pension can be one way of reducing your tax bill but watch the annual allowance and obtain advice from an IFA.

USE IT OR LOSE IT!

• Consider using your capital gains tax allowance before it reduces to just £3,000 from 6^th April 2024. Speak to an IFA for investment advice as appropriate.
• The deadline for claiming tax relief on professional subscriptions incurred in 2019/20 is 5^th April 2024. Ensure your claim is received by HMRC by this date. Contact me asap if you’d like my assistance.
• Use your annual ISA allowance:
• Every adult has an ISA allowance of £20,000 for the 23/24 tax year.
• Children have their own allowance of £9,000 p.a.
• Reduce your inheritance tax bill:
• Everyone can gift £3,000 a year without any inheritance tax liability.
• This can be carried forward 1 year.
• Other IHT annual exemptions are available including special gifts on marriage and as many gifts of £250 per person as you like (subject to other reliefs used on the same person).
• Use your dividend allowance – currently £1k but reducing to £500 from 24/25. (Dividends received in ISAs are not included).

Read my other recent articles here:

March ’24 Tax Update
Reconsider Claiming Child Benefit from 6 April ‘24
New NHS Pension Tier Rates: April ‘24
Exciting Changes at VE Medical: Introducing Ralica Patterson!
March ’24 GP Locum B Form Guidance