Year End Tax Planning 2024
Posted on 8th February 2024
The run up to the end of the tax year on 5 April 2024 is a good time to make sure that your family and business
finances are arranged in the best way possible.
The freeze of many tax rates and thresholds continues to increase the government’s tax take, but there are still many useful ways to arrange your affairs tax efficiently, and we provide an overview of some of these here.
Where you have discretion over the timing of income, for example, you can establish when that income is best taken — in this tax year or the next. A review before 5 April 2024 could therefore have a significant effect on your tax position. For Scottish taxpayers, to whom higher tax rates and thresholds apply, this is particularly true.
Each year brings its own tax challenges, and this year is no exception. Although the Autumn Statement 2023 was low on dramatic announcements, there are a number of important changes pre-dating this, which will take effect shortly. These will merit consideration as part of a year end review for many people, and include:
further reduction to the capital gains tax annual exempt amount
a further cut in the Dividend Allowance
the introduction of basis period reform for unincorporated businesses.
As your accountants, we have the all-round vision of your circumstances that can really help make an impact, and we look forward to being of assistance.
Questions or queries?
Information correct at time of publication
This article was produced in February 2024 – please always check with Fuller Spurling that information is current, up to date and applicable to your situation.
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