{"id":429,"date":"2022-04-02T16:10:41","date_gmt":"2022-04-02T15:10:41","guid":{"rendered":"https:\/\/www.hamnettwealth.com\/news\/?p=429"},"modified":"2022-04-04T16:13:26","modified_gmt":"2022-04-04T15:13:26","slug":"how-to-prepare-for-the-end-of-the-tax-year","status":"publish","type":"post","link":"https:\/\/www.hamnettwealth.com\/news\/how-to-prepare-for-the-end-of-the-tax-year\/","title":{"rendered":"How to Prepare for the End of the Tax Year"},"content":{"rendered":"\n

With the end of the financial year fast approaching, here are our tips on maximising your assets to make the most of your tax efficiency.<\/h1>\n\n\n\n

As always, the tax year ends on the 5th April in 2022. What does this mean for you? There are a number of steps you can take to make the most of your assets and boost your financial portfolio before the new tax year begins. Here, we outline some easy ways you can make sure you\u2019re making the most of your investments.<\/p>\n\n\n\n

Use your ISA allowance<\/strong><\/h2>\n\n\n\n

Perhaps the most important thing to note is your ISA allowance. In the 2021\/22 tax year, this personal allowance stands at a maximum contribution of \u00a320,000. Not using this allowance might hinder your portfolio, as all income and investments from your ISA are completely tax free.<\/p>\n\n\n\n

Before the end of the tax year, make sure to use your entire allowance \u2013 if you can. Feel free to get in touch with your Financial Advisor at Hamnett Wealth to discuss your options, or to see how much allowance you have remaining.<\/p>\n\n\n\n

Boost your pension<\/strong><\/h2>\n\n\n\n

Don\u2019t forget about your pension. Your annual allowance for your pension remains at \u00a340,000 for the 2021\/22 tax year. This references the limit on contributions which can be made and which qualify for tax relief.<\/p>\n\n\n\n

It\u2019s worth noting that your personal allowance might differ, and we recommend that you get in touch with your pension provider or Financial Advisor for more information or advice on making the most of your pension.<\/p>\n\n\n\n

Make the most of your capital gains tax allowance<\/strong><\/h2>\n\n\n\n

Capital Gains Tax<\/a> is a tax on the profit when you sell something that\u2019s increased in value. It\u2019s the gain you make that\u2019s taxed, not the amount of money you receive. This includes the sale of goods, shares, investment funds and second or inherited properties.<\/p>\n\n\n\n

As an individual, you are entitled to a capital gains tax allowance of \u00a312,300 for the current tax year. For those with a larger investment portfolio, you may need to ensure you\u2019ve used as much as you can of your capital gains allowance before the tax year is up.<\/p>\n\n\n\n

Making the most of your allowance can make a notable difference in your portfolio size. We recommend that you get in touch with your Financial Advisor at Hamnett Wealth to discuss making the most of your allowance.<\/p>\n\n\n\n

Inheritance tax<\/strong><\/h2>\n\n\n\n

In any given tax year, individuals are currently allowed to give away a total of \u00a33,000 worth of gifts without them being added to the value of your estate. This is known as your \u2018annual exemption\u2019.<\/p>\n\n\n\n

This allowance doesn\u2019t have to be for one person; you\u2019re allowed to split this across a number of your family and friends. Plus, don\u2019t forget you can carry any unused annual exemption forward to the next tax year – but only for one tax year. At this point, it\u2019s important to remember that last year\u2019s allowance will be lost if not used by the 5th April.<\/p>\n\n\n\n

Generally, if a gift is made more than seven years before your death to an individual, there will be no tax payable. It\u2019s important to make the most of this allowance, so your family and friends can benefit.<\/p>\n\n\n\n

Advice on your allowances<\/strong><\/h2>\n\n\n\n

If you\u2019re interested in receiving any advice on how to maximise your allowances before the end of the tax year, feel free to get in touch with your advisor at Hamnett Wealth. We\u2019re more than happy to help!<\/p>\n","protected":false},"excerpt":{"rendered":"

With the end of the financial year fast approaching, here are our tips on maximising your assets to make the most of your tax efficiency.<\/p>\n","protected":false},"author":2,"featured_media":430,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts\/429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/comments?post=429"}],"version-history":[{"count":1,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts\/429\/revisions"}],"predecessor-version":[{"id":431,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts\/429\/revisions\/431"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/media\/430"}],"wp:attachment":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/media?parent=429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/categories?post=429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/tags?post=429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}