Significant changes to UK tax allowances set to hit in April are causing concern, according to a Carlisle-based financial expert.

Rachael Bell is urging individuals to use up their tax allowances before the new financial year or risk losing out.

Rachael Bell, the practice principle at Rachael Bell Wealth Management, said: "Some big changes are also coming into place from April that people should be aware of.

"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 a halving of the capital gains tax allowance to £3,000 and the dividend tax allowance to £500.

There is also the prospect of higher interest rates affecting savers who might find themselves having to pay tax on their interest for the first time.

Ms Bell 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."