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The new tax year begins on Wednesday 6th April. This means that a variety of annual allowances are due to reset, giving you the opportunity to reduce your tax liabilities as much as possible during 2022/23. 
 
Personal allowance: This is the amount of money you can earn without paying tax on it. The current personal allowance is £12,570, although it may be larger if you claim Marriage Allowance (an additional £1,260) or Blind Person’s Allowance (£2,600), and it’s smaller if you earn over £100,000 a year. 
Individual Savings Account (ISA) allowance: ISAs are a very popular way to save money, as you can place up to £20,000 into a cash ISA each year without paying any tax on your savings or interest. 
Pension annual allowance: The standard amount you can place into your pensions is £40,000 a year, which will benefit from tax relief. 
Gifting allowance: This helps to reduce Inheritance Tax liability on your estate, as you can give away a total of £3,000 worth of gifts each tax year, which will help to lower your tax bill. 
Dividends allowance: If you own shares in a company, the dividend allowance for 2022/23 will be £2,000. 
Capital Gains allowance: When you sell certain types of assets that have increased in value, you have to pay Capital Gains Tax on the profit. However, the Capital Gains allowance for the new tax year is £12,300 for individuals and £6,150 for trusts, allowing you to reduce your CGT liabilities. 

Ask us for tax advice 

If you’d like to save money on your tax bills and plan your finances more effectively, call our Yorkshire office on 01482 235575, our London office on 0207 885 0605, or fill in the contact form below. 
 
Tagged as: Tax
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