The deadline is fast approaching for individuals to file their Self Assessment tax returns (31 January) and businesses are encouraged to review and plan their financial affairs before the new tax year (6 April).
The new government has promised an era of stability and the Chancellor is committing to one major fiscal event a year, the Autumn Budget, in a bid to provide certainty on tax and spending changes. Although not a full budget, there will still be an announcement in the spring as the Office for Budget Responsibility publishes its Spring Economic and Fiscal Forecast, accompanied by a statement to parliament by the Chancellor.
The most recent Autumn Budget built upon tax measures put in place by the previous government. While some changes to allowances and thresholds will not be implemented in the upcoming tax year, there is still much to consider.
Between now and the end of the tax year (5 April) is a good time to assess whether you are as well defended against high tax charges as you can be, check that you are not paying more tax than you need to and review whether structures you set up in the past are still appropriate.
Our useful Year End Tax Review booklet sets out key deadlines, impending changes and helpful planning points on tax topics including:
- Income tax thresholds and personal allowances
- Gift Aid
- The state pension and national insurance contributions
- Private pensions, the annual allowance and the abolition of the Lifetime Allowance
- Inheritance tax and domicile status
- Furnished holiday lettings and private residence relief
- Capital Gains Tax
- Capital allowances
- Benefits in kind
