As we approach the end of the 2024/25 tax year, it’s a good time to reflect on the year’s financial developments and their impact on tax planning.
The UK economy has continued to navigate a challenging landscape, with high interest rates affecting businesses and individuals alike. Inflation has begun to stabilise, offering some relief, but persistent pressures on household budgets remain. Global economic uncertainty and domestic policy changes have further underscored the importance of strategic financial planning.
The Chancellor’s controversial Autumn Budget in 2024 introduced a mix of measures aimed at balancing fiscal stability with support for economic resilience. While targeted reliefs for small businesses and incentives to encourage investment in key sectors were announced, some changes — such as an increase in employers'National Insurance contributions — have sparked debate about their broader impact. These developments highlight the need to stay informed and take a proactive approach to managing your financial affairs.
Tax planning is not just about compliance; it’s an opportunity to optimise your finances and make full use of the reliefs and allowances available before they reset on 6 April 2025. Whether maximising pension contributions, reviewing inheritance tax strategies, or taking advantage of ISAs, acting now can help you minimise liabilities and prepare for the year ahead.
This guide provides a comprehensive overview of the key allowances, tax breaks, and exemptions available, alongside practical planning points to help you take action. We’ve tailored this information to reflect the latest legislative changes, ensuring you’re equipped to make informed decisions before the tax year closes.
If you’d like more tailored advice or help implementing any of the suggestions in this guide, please don’t hesitate to contact us.
