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 and we will be contacting clients who operate limited companies between now and the end of the tax year to discuss optimal dividend timing and wider renumeration planning.
You can view and download our guide to Tax Year End Planning by clicking on the button below.
We hope the summary will prove useful as we approach the end of the tax year. If you have any questions, please do get in touch with your usual contact at CB Reid.