Your Essential Financial To-Do List for the New Tax Year

As the 2024-25 tax year begins, it’s time to take control of your finances with these simple steps:

Check Your Bills

See if your monthly expenses are increasing and find ways to save. With costs rising, it’s important to stay ahead.

Note Insurance End Dates

Keep track of when your insurance policies need renewing. Prices are going up, so shopping around could save you money.

Understand Your Tax Paperwork

Ensure your tax code is correct and watch out for your P60. Mistakes could mean you owe money or miss out on refunds.

Maximize Your Isa Benefits

Take advantage of new Isa rules. You can now open and pay into multiple Isas in a year, making it easier to save and invest tax-free.

Review Your Investments

Make sure your investments match your goals and check for high fees. Transferring between Isa providers is simpler now, potentially saving you a lot.

Reduce Your Tax Bill

Explore tax reliefs and allowances like the trading allowance and marriage allowance to lower your tax bill and potentially get rebates.

Know Your Tax-Free Allowance Cuts

Be aware of changes like the halving of the annual capital gains tax allowance and the reduction in the tax-free dividend allowance. Utilize Isas to keep your investments tax-free.

By following these steps, you can start the new tax year on the right financial footing, ensuring your money works harder for you.

Founded in 2017, Fintuity has fast become one of the only digital Independent Financial Advisers (IFA) in the United Kingdom.  Fintuity offers a wide range of financial advisory services including pensions, protection, investments and mortgage advice. The key difference is that as an exclusively digital service, we can offer significant savings and a service that is direct to you and on demand.