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Tax allowance - use it or lose it.
by Susie Hughes at 12:47 01/02/24 (News on Business)
Small businesses and other tax payers are being advised to use up available tax allowances before the new financial year in April or risk losing out.

Significant changes are on the way for the 2024/25 tax year, including the Capital Gains Tax allowance halving to £3,000 and the Dividend Tax allowance also halving to £500.

Higher interest rates could also have an impact upon those with savings - with some people having to pay tax on their interest for the first time.

While there are one or two exceptions to the rule, most allowances are lost if not taken within each financial year.

Clock ticking
Carlisle-based, financial expert, Rachael Bell, is urging people to make sure they donít miss out on available efficiencies before April 5.

She said: ďSome big changes are also coming into place from April that people should be aware of.

"The clock is now ticking for those who havenít yet made the most of the efficiencies available to them within this financial year. These efficiencies are there for a reason and failing to use them could be costly in the long run.

ďThe issue of Dividend Tax Allowance will affect business owners, company directors and shareholders while those with savings might find themselves having to pay tax on their interest when this hasnít been applicable previously."

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