The end of the 2022/23 Tax year is steadily approaching, you should ensure that your Tax affairs are in order. The team at Benson Accountants have compiled a list of things to consider before the 5th of April 2023 to help you prepare:

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1. Transferring assets to a spouse or civil partner – such transfers are exempt from both Capital Gains Tax and Inheritance Tax so ensuring both parties’ annual tax allowances are fully utilised is good tax planning.

2. Pension contributions - The annual allowance limit is the amount that can be contributed to your pension each year, while still receiving Tax relief. For this Tax year, the limit is capped at £40,000 and applies across all your pension schemes, including contributions made by your employer.

3. Take advantage of the dividend allowance - Check you’re making the most of the benefits available on your dividends before 5 April 2023. Remember, the Tax-free dividend allowance will halve for the Tax year 2023-2024.

4. Make use of Individual Savings Accounts (ISAs) - For the 2022/23 Tax year, the maximum you can save Tax-free in ISAs is £20,000.

If you require assistance on any of these matters, do not hesitate to contact us.

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