Accounting News – Winter 2022

Year-End Tax Planning: Getting Ahead Before 5 April

The new tax year is always a chance to refresh your finances. With the 2022/23 tax year around the corner, now is the time to review your income, investments, and allowances to avoid missing out.

For individuals

• Use your ISA allowance – Up to £20,000 can be invested tax-free each year.
• Capital Gains Tax – Make use of your annual exemption (£12,300 for 2022/23) before it resets.
• Pensions – Contributions benefit from tax relief, and unused allowances from the past three years may be carried forward.
• Gifting – Annual inheritance tax exemptions can help with longer-term planning.

For business owners

• Salary and dividends – Review your director remuneration strategy to maximise tax efficiency.
• Invest in assets – Consider capital allowances or super-deduction (still available until March 2023).
• Expenses – Make sure all allowable expenses are claimed, from business mileage to home working.

Why early planning matters

Leaving tax planning until the last minute risks missing opportunities. By acting now, you can use allowances effectively, reduce your tax bill, and enter the new tax year with confidence.

📞 Don’t wait until 5 April. Contact our team today for a year-end tax review tailored to your personal and business circumstances.