Guide 7 allowances your employees could consider using before the end of the 2023/24 tax year
When a new tax year starts, many allowances reset. So, your employees checking if they could make use of allowances before Friday 5th April 2024, when the 2023/24 tax year ends, might help their money go further.
Read our latest guide to discover seven allowances your employees could consider using before the current tax year ends. The guide covers the following topics:
1. Marriage Allowance
2. ISA allowance
3. JISA allowance
4. Dividend Allowance
5. Capital Gains Tax Annual Exempt Amount
6. Pension Annual Allowance
7. Inheritance Tax annual exemption
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7 allowances your employees could consider using before the end of the 2023/24 tax year
It’s not too soon to make a plan for the 2024/25 tax year either. Your employees thinking about which allowances could make sense for them may help to manage their outgoings.
As an employer, ongoing financial education can be beneficial, if you’d like to learn more about how you can support your employees with their financial wellbeing, we can help.
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The Financial Conduct Authority does not regulate estate and tax planning.
The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future results.
The tax implications of pension withdrawals will be based on your individual circumstances.
Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts.
The guide is based on our current understanding of legislation, which is subject to change.