Happy New Tax Year: 2025/26

Happy New Tax Year!

Now that the new tax year has begun it is time to look at taking advantage of the tax opportunities provided by the renewal of your tax allowances whilst also being the best time to gather and prepare your information for the previous tax year (2024/25).

We will be writing to all our clients in April to start requesting their self-assessment tax return information for the 2024/25 tax year. Although the self-assessment tax filing deadline for the 2024/25 tax year is 31^st January 2026 there are many benefits to getting your information to us as early as you are able.

By sending in your tax return information early you will avoid any last-minute stress and rushing to ensure that your return is filed and paid on time. Furthermore, by submitting your tax return as early as possible you will also have longer to pay any tax due by 31^st January 2026 and if your return is filed before 31^st July 2025, you may also save you paying unnecessary payments via the July 2025 payments on account which can assist with cash flow.

If you are due a personal tax refund, then the early your tax return is submitted the earlier the refund will be paid out to you.

You will also have access to your latest financial information sooner, this can help you get better access to new mortgages or finance.

Important dates for the 2025/26 tax year:

6^th April 2025 – First day of the new tax year

31^st July 2025 – Second payment on account due

31^st January 2026 – Self assessment submission and payment deadline

Annual Tax Allowances to consider which can lead to tax savings

With a new tax year there is also the renewal of your various tax allowances to consider:

• • Your ISA limit has now refreshed meaning that you can deposit up to £20,000 into ISAs with any income received being tax free.
  • Your tax capital allowance is also now available to you for the 2025/26 tax year, meaning that the first £3,000 of capital gains made in the 2025/26 tax year will also be tax free.
  • Furthermore, your pension annual allowance has refreshed. This means that you can deposit up to £60,000 into a pension scheme without paying income tax.

Click here to see all the tax allowances and thresholds for this tax year

Whitings 2025/26 Tax Card

Get In Touch

If you wish to receive any further information on any of the above-mentioned points or have any questions please contact your local Whitings LLP office or your usual Whitings contact today.

Disclaimer - All information in this post was correct at time of writing.