Get Ahead Before the New Year
Posted on 13th December 2024
Friday's Fortnightly Tax Tip
As Christmas bells ring and holiday cheer fills the air, it’s the perfect time to think about your tax affairs. The end of the year is a great opportunity to optimise your finances and prepare for the upcoming Self-Assessment deadline on 31st January. Let’s make sure your holiday season is merry and your finances are bright!
Don’t Delay Your Self Assessment
The Self-Assessment deadline is looming on 31st January, but why wait until the last minute? Completing your tax return early can help you avoid penalties, ensure accuracy, and give you clarity on any tax owed. Getting ahead now means you can focus on the festivities without last-minute stress. If you're unsure, why not get in touch with us at Holmes Accountancy?
Check Your ISA Contributions
Have you used your £20,000 ISA allowance this tax year? With the new tax year only four months away, it’s an excellent time to review your savings and investments. Any unused ISA allowance doesn’t roll over, so contributing now could help you grow your savings tax-free.
Plan Your Tax Year-End Strategy
With the end of the tax year approaching in April, December is the perfect time to start organising your finances. Take a moment to review your expenses, create a budget, or consult a tax advisor like us to ensure your financial affairs are in order. A little preparation now can make a big difference as the tax deadline draws closer.
Maximise Your Gift Aid Benefits
This Christmas, if you’re donating to a charity, don’t forget about Gift Aid. By ticking the Gift Aid box, charities can claim an extra 25p for every £1 you give, and higher-rate taxpayers can claim additional tax relief on their donations. Not only does this benefit the charity, but it’s also a clever way to reduce your tax bill.
Holiday Office Hours
Please note that our offices will be closed from 20th December to 6th January for the holiday season.
If you have urgent queries about your tax return or need advice before the Self Assessment deadline, contact us before the 20th to ensure we can assist you. You’re welcome to email us during the time our office is closed, however, we will be only be able to respond to you once we have returned to the office.
From all of us here at Holmes Accountancy, we wish you a very Merry Christmas and a Happy New Year.
If you need any tax advice in Milton Keynes give a call to the team at Holmes Accountancy on 01908 315716 or contact us here.
The tax tip is provided for general guidance only; further advice should be sought, for specific issues.
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