Ten Things to Tick Off Your Financial To-Do List in 2025
Andy Wood • January 14, 2025
Ten Things to Tick Off Your Financial To-Do List in 2025
Introduction
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With the new year upon us, it’s time to set your financial house in order. The Autumn Budget 2024 introduced several tax changes that will come into effect this April, impacting a wide range of financial areas, from capital gains tax to non-dom rules. By proactively addressing these updates, you can optimise your financial position and safeguard your wealth. Whether you’re focused on tax planning, saving, or investment strategies, these ten tasks will ensure you’re on the right path.
1. Revisit and Revise Your Budget
The cost-of-living crisis continues to affect households across the UK, with inflation driving up the prices of essentials such as energy, food, and fuel. Revising your budget for 2025 is crucial. Take advantage of personal finance apps like YNAB
or Emma
to track spending, adjust to rising costs, and identify potential savings. Effective budgeting ensures you have a well thought out and clear plan for managing your finances throughout the year.
2. Maximise Your ISA Contributions
For the 2025/26 tax year, the annual ISA allowance remains at £20,000. This presents an excellent opportunity to shield your savings and investments from tax. Explore stocks and shares ISAs for growth potential or diversify into innovative Finance ISAs for tax-efficient returns. Planning early in the tax year allows you to take full advantage of these opportunities and make the most of compounding benefits.
3. Prepare for the April 2025 Tax Changes
From 6 April 2025, key updates from the UK tax system will take effect, including increased capital gains tax rates for higher earners and revised non-dom rules. Working with our tax adviser
is essential to navigate the changes that may be faced by non-UK residents and expats.
Whether you’re claiming reliefs, selling property, or reviewing offshore income, advance planning will save you time and money.
4. Consolidate Your Pension Pots
For those with multiple pension schemes, consolidating into a single platform can simplify retirement planning and reduce fees. Providers like PensionBee
make the process straightforward. However, it’s important to assess exit fees, tax implications, and the value of guaranteed benefits before consolidating. With changes to the lifetime allowance rules, 2025 is an opportune year to review your pension strategy.
5. Reassess Your Investment Portfolio
Market volatility and global economic uncertainty make 2025 an essential year to rebalance your portfolio. Review your asset allocation to ensure it aligns with your financial goals and risk tolerance. Exposure to global equities, green bonds, or alternative assets such as private equity or infrastructure may offer resilience and diversification. If you’re unsure where to start, seek advice from our investment advisers
who have experience in handling the ever changing market trends.
6. Set Defined Savings Goals
Establishing clear and actionable savings objectives is critical for both short-term and long-term financial success. Whether you’re building a house deposit, an emergency fund, or contributing to your retirement savings, automation is your ally. Setting up regular transfers into high-interest savings accounts or ISAs can keep you on track. Keep your goals specific and realistic, and review progress quarterly.
7. Protect Your Estate from Inheritance Tax (IHT)
The government’s recent announcements on inheritance tax changes make 2025 an important year for estate planning. Use strategies such as lifetime gifting, trusts, and IHT reliefs to minimise exposure and protect generational wealth. Seek guidance from our financial planners
to ensure your will, powers of attorney, and beneficiary designations reflect your wishes and take full advantage of the latest tax breaks.
8. Monitor Your Credit Score
A strong credit score is indispensable for securing favourable mortgage or loan rates. Services like Experian, ClearScore, or Credit Karma
provide free and regular credit checks, helping you identify errors or fraudulent activity. In 2025, focus on reducing debts, staying below credit utilisation thresholds, and making timely payments to bolster your score.
9. Review Insurance Policies
Life circumstances change, and so should your insurance coverage. Take time to review your life insurance, health policies, and home insurance to ensure they adequately reflect your current needs. Rising living costs mean rebuilding costs for homes have increased, so ensure your property insurance covers the true value of replacement.
10. Engage With Our Professional Financial Advisers
It can be difficult to understand UK tax law, budgeting, and investment opportunities. Our financial advisers
can give you tailored guidance, so that you can seize opportunities in areas like tax-efficient investments, estate planning, and retirement savings.
Final thoughts
Financial planning in the UK needs vigilance, adaptability, and a proactive approach. The key is preparation. Revisit your budget, adjust for upcoming tax changes, and seek professional advice.
Get in touch if you have any queries about this article or to speak to an experienced advisor.
If you’ve missed your Corporate Tax registration deadline or already paid the AED 10,000 fine, there’s now a golden opportunity to waive or reclaim that penalty — but only if you act quickly. In a recent move to support businesses during the first year of the UAE’s Corporate Tax rollout, the Federal Tax Authority (FTA) has announced a limited-time grace period. The initiative allows eligible businesses to apply for a full penalty waiver if they file their Corporate Tax return early. This is a major relief for thousands of companies who have either: Missed their Corporate Tax registration deadline, or Registered late and were hit with the AED 10,000 fine Why is this happening? According to Gulf News, this initiative is part of a broader effort by the Ministry of Finance and the FTA to ease the transition into the new Corporate Tax system and promote long-term compliance. What You Need to Know: Deadline for the waiver: July 31, 2025 BUT: You must file your return well ahead of your official tax deadline to qualify. Don’t wait – gathering your financial records and preparing your tax return can take time. For most businesses operating on a calendar year basis (Jan–Dec), that means filing within the next couple of months. Who qualifies for the penalty waiver? If you’re asking: “Can I get a refund on my Corporate Tax late registration fine in the UAE?” “Is it possible to waive the AED 10,000 Corporate Tax penalty?” “How do I apply for the UAE Corporate Tax penalty relief?” Then the answer is – yes, you may be eligible. But there’s a catch: you must file your tax return early, ahead of your normal deadline. This is not automatic, and if you miss the window, the fine will not be waived or refunded. Why early filing matters: The FTA has made it clear: early compliance is the only route to relief. This means: Completing your Corporate Tax registration (if not already done) Preparing your financials for your first tax year Submitting your Corporate Tax return well before the deadline This one-time waiver won’t be repeated – so don’t leave it until the last minute. How Mosaic Chambers Group can help: At Mosaic Chambers Group, our FTA-certified tax advisors and legal consultants are ready to guide you through the entire process. Whether you need help: Understanding your eligibility Filing your Corporate Tax return early Claiming your AED 10,000 fine refund Or ensuring future tax compliance We’re here to take the stress out of Corporate Tax. Book a free consultation today and get expert support from our team. Click here to get in touch or below to book your call.
April 6th, 2025 marks the beginning of a major shift in UK taxation. Labour’s new tax reforms have officially scrapped the long-standing non-domiciled (non-dom) tax status — a move that targets wealthy individuals who live in the UK but, under the new non dom regime, have been able to mitigate UK tax on their overseas income and gains. This change spells the end of a tax break that attracted many high-net-worth individuals (HNWIs) to the UK and is already causing ripples across the country’s elite financial circles. The message is clear: if you live here, you pay here. Let's break down what has changed. What Was the Non-Dom Tax Regime? The non-dom tax regime allowed individuals residing in the UK, who claimed their primary home (domicile) to be outside the UK, to avoid UK income and capital gains taxes by not bringing any foreign earnings or gains back into the UK. This system made the UK an attractive location for individuals with international earnings. We covered this in more detail here. What Has Changed? Since 2025-26 tax year, the government has implemented several significant reforms. These reforms include: 1. End of Non-Dom Status All UK tax residents will now owe UK income tax on all global income and gains, regardless of whether these were brought into the country or not. 2. Inheritance Tax (IHT) on Foreign Assets Non-doms could previously avoid UK Inheritance Tax on assets they held outside the UK; now individuals who have lived here for more than four years will be liable for IHT on all their global estate assets. 3. Temporary Reliefs To assist the transition, temporary measures include the following: Tax Year 2025-26 will see a 50% reduction on foreign income tax. Capital Gains Tax (CGT) laws allow us to rebase overseas assets based on their value as of April 2019 for CGT purposes. Temporarily, bringing money from abroad may not incur full tax charges upon entering the UK. Why Has the Government Made These Changes? According to Labour, eliminating non-dom status will provide many advantages: Enhance tax fairness Raise extra funds to support public services Close longstanding loopholes used by the wealthy Rising Tax Bills HNWIs with overseas assets and income will now face significantly increased tax obligations that may have an effect on personal finances, family planning and wealth transference. Making Decisions About Moving Abroad Some individuals are already leaving the UK in order to settle in countries with more advantageous tax regimes. Some common destinations for relocation include: United Arab Emirates (UAE) does not levy income or capital gains tax Switzerland provides fixed annual tax arrangements for its most wealthy citizens Italy - flat tax of EUR100,000.000 on foreign income for new residents Monaco does not levy personal income tax for residents Concerns Raised About Impact Within Industry Concerns are being expressed that this could lead to a decrease in: Investment into UK businesses Jobs funded by private wealth Donations to UK Charities What About Entrepreneurs? Many entrepreneurs utilise non-dom status to reduce tax on international business earnings, however, these changes could require: Establishing headquarters or structures outside the UK Reconsider ownership of intellectual property or company shares An investigation of how profits and dividends are managed is important to ensure long-term growth. What Should Be Done Now? If you or those you work with have been affected, taking immediate steps is key to their safety. Here are a few things you can do. 1. Consult With A Specialist Tax Advisor Every situation varies. Seek tailored guidance from someone familiar with both UK and international tax regulations. 2. Evaluate Your Financial Structures Evaluate how you hold assets - for instance through offshore companies or trusts. Any necessary changes must be implemented for optimal efficiency and compliance purposes. 3. Consider Relocating If the UK's new tax rules no longer suit, you might wish to explore living elsewhere where tax liabilities would be lower. Be sure to carefully consider all legal, financial, and family aspects prior to making any decisions. Summary The changes to the non-dom tax regime mark a profound transformation for those who rely on global income and wealth for tax payments, especially those living abroad. Although intended to increase fairness, these reforms also pose challenges to those accustomed to using it. Now is the time to review your plans, secure your assets, and seek professional guidance. How Can We Assist? At our offices in both the UK and UAE, we assist individuals, entrepreneurs and professional advisors in making well-informed decisions. If you have any queries about this article or need advice then get in touch.