
How to maximise your tax efficiency before tax yearend 5 April 2024

Allowable expenses
Claim all of your allowable expenses
Maximise your trivial benefit allowances for all directors
Keep receipts 6 years after accounting period

ISAs
- Use your ISA allowance
- £20,000 taxed at 0% per year
£9,000 for junior ISAs (JISAs)
- If you have a spouse / partner be sure to utilise their £20,000 allowance

Pension Contributions
- Make contributions through your Limited Company for greater tax efficiency
You can pay up to £60,000 taxed at 0% into your pension per year from your Limited Company
- Carry forward any unused allowance for the past three years
Utilise your partner / spouse’s allowance
Any contributions must be made before your company’s financial year end to qualify for deduction

Dividend Allowance
The following example is based on you taking a salary of £12,570
£1,000 dividend allowance taxed at 0%
The remaining £36,700 is then taxed at a rate of 8.75%

Inheritance Tax
- Use your allowance of £3,000 per year NOT per person
You can give gifts or money up to £3,000 to one person or split the £3,000 between multiple people
- Carry forward any unused annual exemption into the next tax year for one year only

Other cost saving measures
Avoid losing your personal allowance if your income exceeds £100,000 by making personal pension contributions
Utilise your annual capital gains exemption of £6,000
Apply for the marriage allowance if either you or your spouse are not using your full personal allowance
If you’re looking to invest, consider EIS, SEIS or VCT’s as tax reducers
Note: All the information and advice in this blog post was correct at the time of writing.
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