The Stocks and Savings Podcast 50. The 5 UK Tax Allowances You Need To Know For The New Tax Year
Apr 17, 2024
Discover essential UK tax allowances for the 2024-25 tax year, including the trading allowance that lets side hustlers earn tax-free income. Learn how recent changes in capital gains tax and inflation can affect your investments. Dive into the dividend tax allowance's impact on business owners, and understand the benefits of accumulating versus distributing funds. Explore the advantages of stocks and shares ISAs for tax-free investing and get insights on optimizing savings interest tax allowances in a changing economic landscape!
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Claim The £1,000 Trading Allowance
- Use the £1,000 trading allowance for casual side-income like babysitting or dog walking.
- Do not register or pay tax on trading income under £1,000 in a tax year.
Personal Allowance Is Frozen
- The personal allowance remains frozen at £12,570 for 2024-25 and until 2028.
- Freezing allowances can push people into higher tax bands as wages and prices rise.
Payroll Tax Code Mix-Up
- Andreea recounts getting the wrong tax code on her first payroll which reduced her pay.
- She phoned accounts and received a corrective larger payment the following month.