Time to plan for the tax year end!
Some helpful advice from local Kettering Accountant Simon Laskey.
The 6th April 2022 marks the start of the new tax year – 2022/23.
With only weeks to go until the end of the current tax year, now is a good time to consider the timing of any tax relief related expenditure that you may have in mind or indeed the potential to defer potential tax charges by another year.
Accelerate the following:
• Any investment in assets for your business, such as new computer equipment; plant and machinery; van or motor vehicles.
• Pension contributions, where further tax relief will follow.
• Gift Aid expenditure that you may be considering where you have sufficient income.
Defer the following:
• Assets that you may be considering selling which could create a capital gain. Separating assets into two tax years can also sometimes be beneficial.
• Dividend income that you can control from your personal limited company (or indeed you could accelerate if you have the capacity in the current tax year).
• Taxable income that you can control.
It is a good time to consider both tax years together to not only maximise your tax planning opportunities but to also identify any impact on other income, for example Child Benefit.
For more information call me on 07879 648548 or click here.
I am also offering a free 1 hour consultation to local businesses who have any questions.
