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Insights

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How to get the most from the 2024-25 tax year

A new tax year (starting in April) offers a great opportunity to optimise your finances to keep more of your hard-earned income, savings and returns. With the arrival of 2024-25, many clients in Grantham and across Lincolnshire have been asking financial planners how to get the most from their refreshed allowances.
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How to keep capital gains tax under control

As an investor, you want to keep taxes on your returns at a minimum. Capital gains tax (CGT) can be levied on the profits you earn after “disposing of” (selling) certain assets – such as shares, reducing your “real” returns.
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How not to overpay on tax in 2024

The UK currently faces its highest tax burden in 70 years, set to rise to 37% of national income in 2024. The Chancellor has hinted that tax cuts could arrive in the upcoming Spring Budget, although what form these might take is not yet clear. The prospect of a Labour government after the next general election (due by January 2025) lowers the odds of tax cuts.
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You can still maximise the 2023-24 tax year

One of the best ways to put more hard-earned money back into your pocket is to maximise your tax allowances. Yet many people are confused about how the tax year works, which allowances they can access and how to make use of them.
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Can I save tax through charitable giving?

Giving to charity is not only a noble act by contributing towards a good cause. It can also help with mitigating a tax bill. Below, our Lincolnshire financial planners show how this works in practice for gifts made by UK taxpayers.
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Get the most from the 2023-24 tax year

The UK tax year, lasting from 6 April until 5 April, is an important “window” to take advantage of allowances and other tax benefits which could put you in a better financial position. In 2023-24, some rules have changed...
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"Giving while living" and inheritance tax

Dealing with inheritance tax (IHT) is often assumed to be dealt with at a person’s death. Yet you are not limited to planning your estate for this one-off event. You can also mitigate IHT by making gifts across your lifetime. In this guide, our Grantham financial advisers explain how gifts can be used to lower an IHT liability in 2023-24. We hope this content is helpful. If you want to discuss your financial plan with us, please get in touch to arrange a no-obligation financial consultation, at our expense:
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Tax freezes and your financial plan

Some taxes are immediately noticeable, such as income tax and National Insurance. Others are less obvious and are classed as “stealth taxes” – applying an indirect eroding effect on your wealth and finances. Value Added Tax (VAT) is a good example, which is levied at 20% on the value of most goods and services.
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How does Business Asset Disposal Relief work?

When you sell an asset for a profit (e.g. shares in an investment account), there is often a tax – capital gains tax (CGT) – applied, undermining your returns. One of the advantages of being a business owner, however, is that‍ Business Asset Disposal Relief (formerly Entrepreneur’s Relief) allows you to sell some (or all) of your assets and only pay 10% CGT.
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5 ideas to cut your capital gains tax bill

With the recent Autumn Statement announcing a cut in the capital gains tax (CGT) allowance in April 2023 and April 2024, many investors are looking for legitimate ways to reduce a needless tax bill. Fortunately, there are still ways to protect your gains in 2022-23.
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Beware of taxes on higher savings rates

UK interest rates have risen 7 times since late 2021, from a historic low of 0.10% to 2.25% at the time of writing. The Bank of England’s (BoE’s) decision to do this has led other...
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Tax saving ideas for 2022

With the cost of living rising across the UK (inflation now stands at 9%), many people are looking for ways to increase their disposable income. One method is to lower your discretionary spending – e.g. cutting out digital subscriptions you do not use, like online streaming services.
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