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Closing the door on tax planning

14 November 2023

Optimize tax benefits by acting before tax year end. Example: Purchase equipment a day before cutoff for earlier tax relief. Review individual circumstances for tailored planning. Submit overdue tax returns promptly. Plan for 2023-24 tax reductions post-deadline. Schedule a meeting to safeguard savings and cashflow.

When the end of a tax year passes, the 5 April 2024 for the current year, or the end of an accounting year if a company, any opportunity to take advantage of tax planning strategies closes.

An example would be the purchase of plant or other qualifying equipment. If the purchase is made the day before the cut off, tax relief will be secured a year earlier. However, if the payment was made a month later, then this would not be the case.

For individuals and the self-employed there is still an opportunity to review personal tax issues before the tax year ends.

Every person tends to have different circumstances. Therefore it is important to review those circumstances on a case by case basis. This is better than adopting a more generic approach.

Currently, there are cases where 2022-23 self-assessment tax returns have still not been filed. If you’re in that grouping, and we act for you, could you please provide your records as soon as possible. But when the deadline passes, 31 January 2024, we will have two months look at tax planning options for 2023-24. Additionally we will need to take appropriate action if there are opportunities to reduce your tax footprint for 2023-24.

There is nothing worse than looking back, after the tax year end or company accounting period end and reflecting that if certain actions had been taken before those cut-off dates, savings or cashflow could have been protected.

So please, if your business or personal tax affairs warrant a review, can you call to organise a meeting – or set up an online meeting – such that we can brainstorm your options before these planning deadlines close.

Source: Other Tue, 14 Nov 2023 00:00:00 +0100

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