Though you likely did some preparation for year-end taxes earlier in the year, recent changes in the economy may have resulted in a change in your own circumstances, which you did not account for in your preparations. These changes could mean additional tax costs or opportunities that you did not previously consider.

Planning is crucial, particularly in the cases where the timing of a transaction or investment determines when reliefs affect your tax payments.

This guide by Allen & Atherton contains helpful points to consider as you approach the end of the tax year.

We recommend keeping this comprehensive guide on-hand, bearing in mind that if any tax changes occur before April, we will update you and help you plan accordingly.

In order to take advantage of comprehensive tax planning, it is important to engage your tax specialist as early as possible. This early preparation will provide maximum opportunity to manage cash flow and get clear indications of tax payments due, thus avoiding penalties and interest.

As your accountants and tax advisors, we can advise on how any legislative changes will affect you, and suggest strategies to help boost your business’ profitability by:

• Taking advantage of the tax breaks available to you and your business. 
• Planning to extract profits from your business tax-efficiently, through dividends or salary. 
• Utilising tax-advantaged savings options – including pension allowances. 
• Minimising the inheritance tax due on your estate, protecting your family from large tax bills. 
• Utilising yearly allowances for both personal and business transactions, including the use of the Enterprise Investment Scheme (EIS).