{"id":28109,"date":"2025-03-10T16:11:49","date_gmt":"2025-03-10T16:11:49","guid":{"rendered":"https:\/\/smh.group\/?p=28109"},"modified":"2025-03-10T17:04:40","modified_gmt":"2025-03-10T17:04:40","slug":"tax-planning-for-the-new-tax-year-key-strategies-to-maximise-allowances","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/tax-planning-for-the-new-tax-year-key-strategies-to-maximise-allowances\/","title":{"rendered":"Tax planning for the new tax year: key strategies to maximise allowances"},"content":{"rendered":"<p><strong>The start of the new tax year warrants as much planning as the end of the old tax year. \u00a0<\/strong><\/p>\n<p>While the end of the tax year on 5 April is a major focus of tax planning, it doesn\u2019t end there. The following day may require much less immediate attention, but there is an argument for considering it to be just as important. For example:<\/p>\n<ul>\n<li><strong>Personal allowances <\/strong>The personal allowance for 2025\/26, the new tax year, remains at \u00a312,570, the same as it has been since 2021\/22. Above that level, income tax will normally enter the equation. If you (or your spouse\/civil partner) do not have enough income to cover the personal allowance, then you could consider transferring investments between yourselves so that the income generated escapes tax. You should also consider whether or not to claim the marriage allowance if your partner pays no tax and you pay no more than the basic rate (or vice versa).<\/li>\n<li>At the opposite end of the income scale, once your income (after certain deductions) exceeds \u00a3100,000, you start losing your personal allowance at the rate of \u00a31 for each \u00a32 of excess. In those circumstances, a transfer of investments and the income generated can also make sense \u2013 this time by reducing your taxable<\/li>\n<li><strong>Other tax allowances<\/strong> <strong>and bands<\/strong> Similar principles apply to other allowances, such as the personal savings allowance (up to \u00a31,000), the dividend allowance (\u00a3500) and the thresholds of tax bands. It is much easier to shuffle around future income at the start of the tax year than attempt to do so as 5 April looms near.<\/li>\n<li><strong>High income child benefit charge (HICBC)<\/strong> If you or your partner (marriage is irrelevant) have income (after certain allowances) of over \u00a360,000 and both claim and receive payments of child benefit, then whichever of you has the higher income is taxed on that benefit. The tax charge is 1% of the child benefit for each \u00a3200 of income over the \u00a360,000 threshold, meaning the tax matches the benefit at \u00a380,000. If you have two children, this is equivalent to an extra 11.26% added to your marginal tax rate. Shifting your investment income could therefore save tax, even if you both pay the same marginal rate of tax.<\/li>\n<\/ul>\n<p>For more details on these and other new tax year opportunities, please talk to us \u2013 as with year-end planning, the sooner, the better.<\/p>\n<p>For more information,\u00a0<a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/contact\/\">contact us<\/a>\u00a0on\u00a0<strong>0114 266 4432\u00a0<\/strong>or email\u00a0<a href=\"mailto:info@smh.group\"><strong>info@smh.group.<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The start of the new tax year warrants as much planning as the end of the old tax year. \u00a0 While the end of the tax year on 5 April is a major focus of tax planning, it doesn\u2019t end there. The following day may require much less immediate attention, but there is an argument for considering it to be just as important. For example: Personal allowances The personal allowance for 2025\/26, the new tax year, remains at \u00a312,570, the same as it has been since 2021\/22. Above that level, income tax will normally enter the equation. If you (or your spouse\/civil partner) do not have enough income to cover the personal allowance, then you could consider transferring investments between yourselves so that the income generated escapes tax. You should also consider whether or not to claim the marriage allowance if your partner pays no tax and you pay no more than the basic rate (or vice versa). At the opposite end of the income scale, once your income (after certain deductions) exceeds \u00a3100,000, you start losing your personal allowance at the rate of \u00a31 for each \u00a32 of excess. In those circumstances, a transfer of investments and the income [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":28101,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1,3,16],"tags":[],"class_list":["post-28109","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh","category-smh-accounting-business-advisory","category-financial-services"],"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 for the new tax year: key strategies to maximise allowances - SMH Group<\/title>\n<meta name=\"description\" content=\"The start of the new tax year warrants as much planning as the end of the old tax year.\u00a0Get in touch for more information.\" \/>\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 for the new tax year: key strategies to maximise allowances - SMH Group\" \/>\n<meta property=\"og:description\" content=\"The start of the new tax year warrants as much planning as the end of the old tax year.\u00a0Get in touch for more information.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/tax-planning-for-the-new-tax-year-key-strategies-to-maximise-allowances\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-10T16:11:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-10T17:04:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2025\/03\/tax-planning-2025.png\" \/>\n\t<meta property=\"og:image:width\" content=\"864\" \/>\n\t<meta property=\"og:image:height\" content=\"648\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Brendan Hall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Hall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/tax-planning-for-the-new-tax-year-key-strategies-to-maximise-allowances\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/tax-planning-for-the-new-tax-year-key-strategies-to-maximise-allowances\/\"},\"author\":{\"name\":\"Brendan Hall\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"headline\":\"Tax planning for the new tax year: key strategies to maximise allowances\",\"datePublished\":\"2025-03-10T16:11:49+00:00\",\"dateModified\":\"2025-03-10T17:04:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/tax-planning-for-the-new-tax-year-key-strategies-to-maximise-allowances\/\"},\"wordCount\":405,\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/tax-planning-for-the-new-tax-year-key-strategies-to-maximise-allowances\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2025\/03\/tax-planning-2025.png\",\"articleSection\":[\"SMH\",\"SMH Accounting &amp; Business Advisory\",\"SMH Financial Services\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/tax-planning-for-the-new-tax-year-key-strategies-to-maximise-allowances\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/tax-planning-for-the-new-tax-year-key-strategies-to-maximise-allowances\/\",\"name\":\"Tax planning for the new tax year: key strategies to maximise allowances - 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