As we approach the end of the 2024/25 tax year, it’s a good time to reflect on the year’s financial developments and their impact on tax planning, which you can do with our annual year end tax guide 2024/25.
The UK economy has continued to navigate a challenging landscape, with high interest rates affecting businesses and individuals alike. Inflation has begun to stabilise, offering some relief, but persistent pressures on household budgets remain. Global economic uncertainty and domestic policy changes 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.
This guide provides 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.
Use the images below to navigate to a particular section of interest:
Alternative Links:
Personal allowances and reliefs: https://www.lambert-chapman.co.uk/blog/personal-allowances-and-reliefs/
ISAs: https://www.lambert-chapman.co.uk/blog/isas/
Pensions: https://www.lambert-chapman.co.uk/blog/pensions/
Inheritance Tax (IHT): https://www.lambert-chapman.co.uk/blog/inheritance-tax/
Property taxes: https://www.lambert-chapman.co.uk/blog/property-taxes/
Capital Gains Tax (CGT): https://www.lambert-chapman.co.uk/blog/capital-gains-tax/
Business Asset Disposal Relief (BADR): https://www.lambert-chapman.co.uk/blog/business-asset-disposal-relief-2/
Non-domiciled tax: https://www.lambert-chapman.co.uk/blog/non-domiciled-tax/
Tax-efficient staff benefits: https://www.lambert-chapman.co.uk/blog/tax-efficient-staff-benefits/
Corporation tax: https://www.lambert-chapman.co.uk/blog/corporation-tax/
VAT: https://www.lambert-chapman.co.uk/blog/vat/
Penalties: https://www.lambert-chapman.co.uk/blog/penalties/
Download PDF
Click here to receive a PDF version of our ‘Year-end Tax Guide 2024/25’
Important information
How tax charges (or tax relief, as appropriate) are applied depends on individual circumstances and may be subject to future change. ISA and pension eligibility depend on individual circumstances.
FCA regulation applies to certain regulated activities, products, and services, but it does not necessarily apply to all tax-planning activities and services.
This document is solely for information purposes and nothing in it is intended to constitute advice or a recommendation.
While considerable care has been taken to ensure the information in this document is accurate and up-to-date, no warranty is given as to its accuracy or completeness.
If you’d like more tailored advice or help implementing any of the suggestions in this guide, please don’t hesitate to contact us.
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.