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February 2025 | Phonebox Magazine 9IndividualsMaximise Your ISA Allowance %u2013 Each tax year, you can save up to %u00a320,000 in an Individual Savings Account (ISA), and all income or growth within the ISA is free from income or capital gains tax. If you haven%u2019t used your allowance yet, now%u2019s the time to top up before the deadline passes.Review Pension Contributions %u2013 Contributing to your pension is a great way to reduce your taxable income while saving for the future. You can contribute up to 100% of your earnings (up to %u00a360,000 annually) and receive tax relief. If you%u2019re a higher%u2013rate taxpayer, this can be particularly benefi cial.Capital Gains Allowance %u2013 The annual tax%u2013free allowance for capital gains is currently %u00a33,000. If you%u2019ve made gains on investments or property (other than your main home), consider releasing these gains within the allowance to avoid paying unnecessary tax.Charitable Giving %u2013 Donating to charity through Gift Aid increases the value of your donation and can also reduce your tax bill if you%u2019re a higher%u2013rate taxpayer.FamiliesJunior ISAs %u2013 If you have children, you can save up to %u00a39,000 per child each year, in a Junior ISA, which grows free from income or capital gains tax. It%u2019s a great way to build a nest egg for their future, and is much more e%u008a cient than basic children%u2019s savings accounts.Child Benefi t and High%u2013Income Charge %u2013 If one partner%u2019s income exceeds %u00a360,000, you may face a High%u2013Income Child Benefi t Charge.To reduce this, consider increasing pension contributions to bring your income below the threshold.Family Gifting %u2013 Using your annual gift allowance (%u00a33,000 per person) is a tax%u2013efficient way to transfer wealth to family members and reduce the value of your estate for inheritance tax purposes. Other gifting allowances can also be hugely benefi cial %u2013 if you%u2019d like to understand more about this area of planning, please do get in touch.Small Business OwnersDirectors%u2019 Pension Contributions %u2013 If you%u2019re a company director, you can make pension contributions through your business, which is a hugely tax%u2013e%u008a cient way to extract profi ts and reduce your overall corporation tax.Employee Benefi ts %u2013 O%u0093 ering tax%u2013free benefi ts, such as childcare vouchers or cycle%u2013to%u2013work schemes, can reduce your overall business tax liability while supporting the lifestyle of your employees.Utilise Your Allowances %u2013 Ensure you%u2019re taking full advantage of your Annual Investment Allowance (AIA) for any qualifying business expenses, such as equipment purchases etc.Check Your Dividends %u2013 The tax%u2013free dividend allowance is currently %u00a31,000, so ensure you%u2019ve planned your dividend withdrawals accordingly to help minimise your tax bill and that you aren%u2019t just paying yourself a salary.General TipsKeep Good Records %u2013 Staying organised with your receipts, invoices, and statements makes it easier to claim all allowable expenses and deductions.Consult a Financial Adviser %u2013 Tax rules can be complex, and professional advice can help you navigate your options and help to ensure that you%u2019re making the most of every opportunity available to you.At Stefanie Price Wealth Planning, we%u2019re proud to support individuals, families, and small businesses in Olney and surrounding areas with tailored fi nancial and tax planning advice that you can trust. If you%u2019d like help preparing for the end of the tax year or have questions about your fi nancial plans, both Stefanie and Laura are here to help, and welcome you to please get in touch to arrange a discovery meeting.The value of an investment with St. James%u2019s Place will be directly linked to the performance of the funds selected and the value may fall as well as rise. You may get back less than the amount you invested.The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.Advertising FeatureTips That All Individuals, Families & Businesses Should Consider Ahead of the Financial Year End in AprilAs the tax year%u2013end approaches on 6th April, it%u2019s the perfect time to take stock of your fi nances and ensure you%u2019re making the most of every opportunity available to you. Whether you%u2019re an individual, part of a family, or running a small business, a little forward planning can go a long way in keeping your fi nances e%u008d cient and your tax bill as low as possible. Here are some practical tips to help you get ready.www.stefaniepricewealth.co.uk%u2022 01234 241 441info.spwealth@sjpp.co.ukSJP APPROVED 20/01/2025 www.stefaniepricewealth.co.ukStefanie Price Wealth Planning is an Appointed Representative of and represents only St. James%u2019s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group%u2019s wealth management products and services, more details of which are set out on the Group%u2019s website www.sjp.co.uk/products. fi e %u2018St. James%u2019s Place Partnership%u2019 and the titles %u2018Partner%u2019 and %u2018Partner Practice%u2019 are marketing terms used to describe St. James%u2019s Place representatives.