Closing the door on tax planning
14/11/2023

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.


Accounts

We specialise in preparing end of year statutory accounts for your business, in line with HM Revenue & Customs legislation:

Sole Traders & Partnerships
Limited Companies
Limited Liability Partnerships
Property Management Companies
Property rental income accounts

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Bookkeeping

We can adivise on the best bookkeeping options for your needs and budget, if you would prefer to do the bookkeeping yourself.

There are a number of excellent options including Sage desktop software and market leading online solutions, such as Kashflow & Xero.

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Payroll

ejbc payroll

We can set-up and run your payroll scheme or advise on:

Setting up a new payroll system
Day to day payroll processing
Dealing with PAYE and NI deductions
Completing your end of year returns
Holiday & Statutory pay
Stakeholder pensions

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Start Ups

Starting a Business is an exciting opportunity but at the same time can be daunting.

Why not let us take some of the stress away. We are on hand from the outset to help you through many of the challenges of getting your business up and running successfully.

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2 Toomers Wharf
Canal Walk
Newbury
Berkshire
RG14 1DY

Phone: 01635 46174

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w3w address: trend.fantastic.asks

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