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.
For example, if the purchase of plant or other qualifying equipment is made the day before the cut-off date, tax relief will be secured a year earlier than if the payment was made a month later.
For individuals and the self-employed there is still an opportunity to review personal tax issues before the tax year ends 5 April 2024.
Every person tends to have different circumstances and so it is important to review those circumstances on a case by case basis rather than adopt a more generic approach.
Currently, there are cases where 2022-23 self-assessment tax returns have still not been filed. And if you are in that grouping, and we act for you, could you please let us have your records as soon as possible. But when the deadline passes, 31 January 2024, we will have two months to take a look at tax planning options for 2023-24 and 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.