PENSION CONTRIBUTIONS:
- Locums - pay all your Locum B pension contributions by 5th April to ensure you get your tax relief in the 23/24 tax year! Read my guide on how to complete the March Locum B form here as the basis for completing this form is different to all others in the 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 £3,000 from 6th April 2024. Speak to an IFA for investment advice as appropriate.
- The deadline for claiming tax relief on professional subscriptions incurred in 2019/20 is 5th April 2024. Ensure your claim is 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 23/24 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 £1k but reducing to £500 from 24/25. (Dividends received in ISAs are not included).
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