Make the Most of UK Personal Tax Allowances for Your Family Before 5 April
As the UK tax year comes to a close, it's crucial for families to fully utilise their personal tax allowances to maximise savings. Each family member, including children, is entitled to a personal allowance of £12,570 for the 2022/23 tax year, which can significantly reduce the household's overall tax liability.
Additionally, consider transferring income-producing assets between spouses or civil partners to take advantage of the Marriage Allowance, which allows a transfer of up to 10% of unused personal allowance, potentially saving up to £1,260 in tax. By proactively managing your family's tax allowances, you can ensure a more financially secure future for your loved ones.
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