As the UK economy continues to navigate a challenging landscape, Porter Garland Chartered Accountants bring you our Year-end Tax Guide for 2024/2025.
The Chancellor’s controversial Autumn Budget in 2024 introduced a mix of measures aimed at balancing fiscal stability with support for economic resilience.
Our guide explores how high interest rates have affected business and individuals alike. How inflation has begun to stabilise, offering some relief, despite persistent pressures on household budgets remain. It looks at global economic uncertainty and domestic policy changes, which have further underscored the importance of strategic financial planning.
Tax planning is not just about compliance; it’s an opportunity to optimise your finances and make full use of the reliefs and allowances available before they reset on 6 April 2025. Whether maximising pension contributions, reviewing inheritance tax strategies, or taking advantage of ISAs, acting now can help you minimise liabilities and prepare for the year ahead.
We provide a comprehensive overview of the key allowances, tax breaks, and exemptions available, alongside practical planning points to help you take action. We’ve tailored this information to reflect the latest legislative changes, ensuring you’re equipped to make informed decisions before the tax year closes.
In this guide, we explore the following subjects:
- Personal allowances and reliefs
- ISAs
- Pensions
- Inheritance tax
- Property taxes
- Capital gains tax
- Business asset disposal relief
- Non-domiciled tax
- Tax-efficient staff benefits
- Corporation tax
- VAT
- Key considerations, such as:
- Reclaiming VAT
- Private use adjustments
- Pre-registration expenses
- VAT on property
- Export and import rules:
To read our full report, cilck this link: year-end-tax-guide-2024-25
If you would like more tailored advice from the experts at Porter Garland, or help implementing any of the suggestions in this guide, please don’t hesitate to contact us on 01276 674870.
Porter Garland are expert chartered accountants for you in Surrey providing accountancy and bookkeeping services from our offices in Camberley.