March 24, 2023
PENSION CONTRIBUTIONS:
- Locums - pay all your Locum B pension contributions by 5th April to ensure you get your tax relief in the 22/23 tax year!
- For those in the NHS Pension scheme – any additional private pension contributions could have significant, unwelcome tax repercussions. Seek advice from an IFA who specialises in NHS doctors.
- For those not in the NHS pension scheme - contributing to a pension can be one way of reducing your tax bill but watch the annual allowance and obtain advice from an IFA.
USE IT OR LOSE IT!
- Consider using your capital gains tax allowance before it reduces to just £6,000 from 6th April 2023 and £3,000 from 6 April 2024. Consider speaking to an IFA for investment advice.
- The deadline for claiming tax relief on expenses incurred in 2018/19 is 5th April 2023. Ensure are claims are received by HMRC by this date. Contact me asap if you’d like my assistance.
- Use your annual ISA allowance:
- Every adult has an ISA allowance of £20,000 for the 22/23 tax year.
- Children have their own allowance of £9,000 p.a.
- Reduce your inheritance tax bill:
- Everyone can gift £3,000 a year without any inheritance tax liability.
- This can be carried forward 1 year.
- Other IHT annual exemptions are available including special gifts on marriage and as many gifts of £250 per person as you like (subject to other reliefs used on the same person).
- Use your dividend allowance – currently £2k but reducing to £1k from 23/24 and £500 from 24/25. (Dividends received in ISAs are not included).
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