{"id":27737,"date":"2025-01-14T16:30:14","date_gmt":"2025-01-14T16:30:14","guid":{"rendered":"https:\/\/smh.group\/?p=27737"},"modified":"2025-01-17T15:26:50","modified_gmt":"2025-01-17T15:26:50","slug":"tax-planning-tips-for-2025","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/tax-planning-tips-for-2025\/","title":{"rendered":"Tax Planning Tips for 2025"},"content":{"rendered":"<p><strong>As we step into 2025, it\u2019s the perfect time to turn your attention to tax year-end planning.<\/strong><\/p>\n<p>As we step into 2025, it\u2019s the perfect time to turn your attention to tax year-end planning. The early months of the year are traditionally focused on this important task, driven by key dates such as the tax year-end on Saturday, 5 April 2025, and the usual Spring Budget. This year, however, following last October\u2019s impactful Autumn Budget, there will be no Spring Budget. Instead, Rachel Reeves will present a Spring Forecast in late March. In light of the changes introduced last autumn, there\u2019s a lot to review and plan for.<\/p>\n<ul>\n<li><strong>Pension contributions:<\/strong> The Budget announcement that pensions will fall within the scope of inheritance tax (IHT) from 2027\/28 makes the review of pension contributions slightly different from previous years. For most people, pensions remain a highly tax-efficient way of saving for retirement, but for the wealthy few unconcerned about retirement income, they are no longer the estate-planning tool of choice.<\/li>\n<li><strong>Capital gains tax (CGT):<\/strong> Capital gains tax rates increased in the Budget to 24% for higher and additional rate taxpayers and 18% for other taxpayers. If you have not used your annual exemption \u2013 now just \u00a33,000 of gains \u2013 you should consider doing so after what has been a generally good year on the world\u2019s stock markets.<\/li>\n<li><strong>IHT:<\/strong> Now is the time to use your annual exempt amount (\u00a33,000 per tax year) for 2024\/25 if you have not already done so. If you did not use your full exemption from 2023\/24, you can also gift the unused element after you have exhausted this year\u2019s exemption.<\/li>\n<li><strong>Marriage allowances: <\/strong>If you or your spouse\/civil partner had income below the personal allowance in 2020\/21 (\u00a312,500), you have until 5 April 2025 to claim the marriage allowance for that year (\u00a31,250), which could produce a tax saving of up to \u00a3250. A claim can only be made if the other partner was a basic rate taxpayer (starter, basic or intermediate rate in Scotland) in that tax year. The same principle applies (with an allowance of \u00a31,260) for 2021\/22 and subsequent years onwards.<\/li>\n<li><strong>Threshold planning:<\/strong> The long-term freezes that have applied to income tax allowances and many thresholds may mean you move into a higher tax band in the coming tax year. Equally you could find yourself crossing the unchanged \u00a360,000 threshold for the high-income child benefit charge or the \u00a3100,000 threshold for personal allowance taper and loss of tax-free childcare. Among the strategies to beat the unmoving thresholds, you could bring forward income into 2024\/25 (e.g., by closing an interest-paying account) or move some income-generating investments across to your (lower income) spouse or civil partner by 5 April.<\/li>\n<\/ul>\n<p>It is best to seek advice before taking any action \u2013 in tax, errors can be costly and difficult to unwind.<\/p>\n<p><em>Tax treatment varies according to individual circumstances and is subject to change.<\/em><\/p>\n<p><em>The Financial Conduct Authority does not regulate tax advice.<\/em><\/p>\n<p>To discuss your financial planning,\u00a0<a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/contact\/\">contact<\/a>\u00a0our\u00a0<a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/financial-services\/\"><strong>Sheffield based Financial Advisers<\/strong><\/a>\u00a0on\u00a0<strong>0114 266 4432<\/strong>\u00a0or\u00a0<a href=\"mailto:info@smh.group\"><strong>info@smh.group<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As we step into 2025, it\u2019s the perfect time to turn your attention to tax year-end planning. As we step into 2025, it\u2019s the perfect time to turn your attention to tax year-end planning. The early months of the year are traditionally focused on this important task, driven by key dates such as the tax year-end on Saturday, 5 April 2025, and the usual Spring Budget. This year, however, following last October\u2019s impactful Autumn Budget, there will be no Spring Budget. Instead, Rachel Reeves will present a Spring Forecast in late March. In light of the changes introduced last autumn, there\u2019s a lot to review and plan for. Pension contributions: The Budget announcement that pensions will fall within the scope of inheritance tax (IHT) from 2027\/28 makes the review of pension contributions slightly different from previous years. For most people, pensions remain a highly tax-efficient way of saving for retirement, but for the wealthy few unconcerned about retirement income, they are no longer the estate-planning tool of choice. Capital gains tax (CGT): Capital gains tax rates increased in the Budget to 24% for higher and additional rate taxpayers and 18% for other taxpayers. If you have not used your annual [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":27728,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3,16],"tags":[14,570],"class_list":["post-27737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","category-financial-services","tag-tax-planning","tag-tax-planning-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax Planning Tips for 2025 - SMH Group<\/title>\n<meta name=\"description\" content=\"As we step into 2025, it\u2019s the perfect time to turn your attention to tax year-end planning.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax Planning Tips for 2025 - 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