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The new tax year starts 6 April 2023, so you have limited time to consider your options and once we pass this date, the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned this month.
Many businesses make their accounts to 31st March, so business tax planning is a good idea just now. However, even taxpayers with different year ends, or those who do not run businesses at all, can look to try and lower their personal income tax liabilities.
Even the most basic planning can yield benefits. Have you maximised pension contributions, or invested your annual ISA allowances? Also, investments in EIS and VCT shares can offer significant income tax and Capital Gains Tax (CGT) reliefs.
As for businesses, they might consider accelerating the purchase of any plant or machinery they need, taking advantage of capital allowances, whilst salary sacrifice arrangements can realise significant national insurance savings for both the business and its employees.
Do you fall into any of these categories?
If you do, we can help you discuss your options ahead of the April deadline.
The above list is not comprehensive, and we specialise in helping clients with all taxes including PAYE, NIC, VAT, Corporation, Capital Gains, Income, and Inheritance tax. Please contact us.
Brearley & Co Accountants are pleased to offer a free, no obligation, initial consultation with one of our experts who will be happy to discuss your business needs and how we can help you.Contact