{"id":3179,"date":"2023-02-14T09:00:00","date_gmt":"2023-02-14T09:00:00","guid":{"rendered":"https:\/\/ctt-group.co.uk\/private-client\/?p=3179"},"modified":"2023-09-26T16:43:59","modified_gmt":"2023-09-26T15:43:59","slug":"the-tax-year-end-deadline-is-fast-approaching","status":"publish","type":"post","link":"https:\/\/ctt-group.co.uk\/private-client\/the-tax-year-end-deadline-is-fast-approaching\/","title":{"rendered":"The Tax Year End Deadline is Fast Approaching!"},"content":{"rendered":"
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Now the New Year is underway and the Self-Assessment deadline is passed, it\u2019s time to start planning for the financial year ahead and the ways you can ensure your clients \u2013 and your practice \u2013 yield the best possible results in 2023. The end of tax year deadline is the perfect opportunity for this.<\/span><\/p>\n

One of the most important dates on the financial calendar for both clients and advisors, the end of the 2033-23 tax year deadline is fast approaching on 5 April 2023. <\/span><\/p>\n

Although this marks a busy time across all businesses and sectors, one of the main implications for your clients is maximising their ISA and Pensions Allowances for the current tax year.<\/span><\/p>\n

2022 ISAs Allowance<\/strong><\/h4>\n

Both ISAs (Individual Savings Accounts) and Pension Accounts have an annual tax-free allowance threshold. This is the maximum amount of funds or value of assets that can be paid into the account in any given tax year.<\/p>\n

As the 2022 tax year closes at midnight on 5 April, this is the last opportunity for clients to maximise their ISA and Pension investments for the 2022 tax year.<\/p>\n

The ISA allowance for the current year is \u00a320,000. This means clients can pay up to \u00a320,000 in cash, stocks, and shares combined across all of their ISAs before breaching their 2022 tax-free allowance for the current tax year.<\/p>\n

If the maximum annual allowance of \u00a320,000 is not utilised by midnight on 5 April 2022, any remaining allowance from the 2022 tax year will be lost when the 2023 tax year comes into effect and a new allowance for the 2023-24 year opens up.<\/p>\n

2022 Pension Allowance<\/strong><\/h4>\n

The Pension Allowance for the current and previous three years is \u00a340,000 per year, which could be reduced to \u00a34,000 if a reduced Taper Annual Allowance applies. This will affect individuals who have an annual \u2018adjusted income\u2019 of over \u00a3240,000 and a \u2018threshold income\u2019 of over \u00a3200,000.<\/p>\n

While the Pension Allowance for the 2022 tax year can be carried over and used in future years if it\u2019s unused this year, it\u2019s important for clients to consider maximising these allowances where possible.<\/p>\n

As CTT Practice Manager, Lucy Miles explains, \u201cIn a world where taxes are uncertain and likely to increase due to inflation, it makes sense to take full advantage of any tax-free growth you have available, to plan for your future and ensure you\u2019re making the best possible provisions for your retirement.\u201d<\/p>\n

If your clients have previously unused Pension Allowance in the current or previous three tax years, 5 April marks the cut-off for when their Pension Allowance from the 2019-2020 tax year can be used.<\/p>\n

The clock is ticking<\/strong><\/h4>\n

The close of the 2022 tax year on 5 April is an excellent incentive for clients to revisit their finances. It\u2019s also an opportunity for you to demonstrate to clients how you can help maximise their investments for this tax year and future years to come.<\/p>\n

If you have clients who would benefit from maximising their ISA allowance and pension allowances for the current tax year, contact CTT Private Client<\/a> for information on the best ways to advise them.<\/p>\n\n\t<\/div>\n\t

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