PENSION CONTRIBUTIONS:
- Locums - pay all your Locum B pension contributions by 5th April to ensure you get your tax relief in the 24/25 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!
- You have an annual capital gains tax allowance of £3,000. You cannot carry forward any unused allowance. Speak to an IFA for investment advice as appropriate.
- The deadline for claiming tax relief on professional subscriptions incurred in 2020/21 is 5th April 2025. Ensure your claim is received by HMRC by this date.
- Use your annual ISA allowance:
- Every adult has an ISA allowance of £20,000 for the 24/25 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 of £500. (Dividends received in ISAs are not included).
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