Take action or lose out, financial planning expert warns

USE up your tax allowances before the new financial year in April or you could lose out, a financial expert has warned.

Significant changes are on the way for the 2024/25 tax year with Carlisle-based Rachael Bell urging people to make sure they don’t miss out on available efficiencies before April 5.

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

“Some big changes are also coming into place from April that people should be aware of,” said Rachael, Practice Principle at Rachael Bell Wealth Management.

“The clock is now ticking for those who haven’t 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.”

The 2024/25 financial year will see the Capital Gains Tax allowance halve to £3,000 with the Dividend Tax allowance also halved 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.

However, using effective financial planning to harness the full range of tax breaks available can make a big impact on an individual’s finances going forward.

Rachael added: “The 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 hasn’t been applicable previously.

“It’s worth carving out time to look at how you could be affected by the incoming changes if you haven’t already done so. Tax is often complex and is applied depending on an individual’s circumstances, so seeking expert advice is often the right thing to do and can help you to plan ahead for future tax years.”




For further information or media queries please contact Caroline Barber at 32West: caroline@32west.co.uk


Editor’s notes


Rachael Bell Wealth Management was established in December 2014. 

Operating from their office at 3 Parkland Avenue, Parkland Village, Carlisle, Cumbria CA1 3GN, Rachael Bell Wealth Management form part of St. James’s Place Wealth Management Group. 

Rachael Bell Wealth Management offers general financial advice and support, including guidance around pensions and smart investing.

The Partner Practice is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products

The title ‘Partner Practice, is the marketing term used to describe St. James’s Place representatives.


More details of Rachael Bell Wealth Management can be found by visiting https://www.rachaelbellwealthmanagement.co.uk/

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