Read on to discover five simple steps to get your finances in order for the year ahead.
Maximise your pension contributions
For most people, in the 2024/25 tax year, the Annual Allowance is £60,000 or 100% of your income, whichever is higher. You can also carry forward any unused contributions for the previous three tax years.
Make full use of your gifting exemption and ISA allowance
For the 2024/25 tax year, the ISA allowance is £20,000, and the “annual gifting exemption” is £3,000.
Review your budget
The start of each new year is a good opportunity to assess how changes in both your personal life and the broader economic climate have or could influence your budget.
Complete a self-assessment tax return before the deadline
The deadline to submit a paper self-assessment return is 31 October, but you have until 31 January to file online, which is the final date to avoid penalties.
Revisit your goals
Re-evaluating both short and long-term goals ensures your financial plan stays in line with your changing circumstances and sets you up for success in the years ahead.
To speak to a financial planner, get in touch with Perennial Wealth via:
Tel: 0117 959 6499
Email: info@perennialwealth.co.uk
Address: Trym Lodge, 1 Henbury Road, Bristol BS9 3HQ
Website: perennialwealth.co.uk
