A TAX PLANNING GUIDE
FINANCE
Maximise tax saving opportunities before 5 April 2024
A TAX PLANNING GUIDE
FOLLOWING THE 31 JANUARY 2024 DEADLINE FOR SUBMITTING 2022 / 2023 TAX RETURNS , INDIVIDUALS AND BUSINESSES SHOULD NOW BE LOOKING AT FINAL PLANNING FOR TAX YEAR END ON 5 APRIL 2024 .
BY RICK SCHOFIELD , TAX PARTNER , AZETS , rick . schofield @ azets . co . uk
Are you aware of all the tax reliefs and allowances that you may be entitled to ?
If you are unsure , then you are probably paying more tax than necessary . With the end of the tax year on the horizon , now is the time to act to potentially reduce your tax liability .
In our latest tax planning guide , we cover a number of actions you may need to consider ahead of the tax year end ( see below ). Given that time is running out , you should start your planning now to maximise tax efficiency , which could ultimately lead to allimportant cash tax savings as businesses and individuals continue to grapple with the economic challenges and uncertainty .
We are here to help Some of the suggestions are time sensitive , therefore please seek advice as soon as possible . Please get in touch for a copy of our full tax planning guide , or scan the QR code below . To discuss any of the areas below in more detail , contact Rick Schofield , Tax Partner at Azets - rick . schofield @ azets . co . uk .
Income tax
• Capitalise on the tax advantages of marriage
• Sharing assets with your spouse
• Beware of rising income
• If you have a share portfolio , consider using your £ 20k a year ISA allowance
• Get ready for the basis period reform
Employment tax
• Considering a new car ? Think electric
• Salary sacrifice
• Changes to National Insurance
• Are you a remote worker / hybrid worker ? ( Travel and subsistence )
Overseas aspects
• Leave home
• Stay away
Carryback planning
• Can you convert capital losses to income losses ?
• Use trading losses before you made the loss
• Don ’ t pay your capital gains tax
• Charity begins at home
Capital gains
• Make the most of your annual exemptions
• Thinking of selling an asset ?
• Act now to beat the ( possible ) changes
Inheritance tax
• Give it all away
• Make more smaller gifts
• Invest in IHT-favoured assets
• The importance of an updated will
Pensions
• Consider making big pension contributions … … but don ’ t make contributions that are too big
• You don ’ t have to buy an annuity in retirement
• Ask someone else to pay into your pension
• Set your grandchildren up for retirement
• You don ’ t have to draw on your pension
Investments
• Consider alternative investments
• Invest seed capital in small business
• Invest in venture capital trusts
• ISAs are an easy way to save taxes
• Consider a family investment company
Local Offices : Ashford : 01233 629 255 Canterbury : 01227 454 861 Maidstone : 01622 690 666 Orpington : 01689 827 505 Sandwich : 01304 249 997
www . azets . co . uk
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