Time is of the essence when it comes to tax planning.
By implementing a clear year-end tax strategy ahead of 5 April, you can be sure your finances are organised as tax-efficiently as possible and that you are making full use of the reliefs and exemptions available to you.
To plan your taxes efficiently as an individual, it is important to understand where your income is likely to fall relative to the tax thresholds. At present, the tax-free personal allowance threshold stands at £11,850, after which income is taxed at 20% up to £46,350, 40% up to £150,000 and 45% thereafter.
To plan effectively as a business, it is important that you are aware and take advantage of the tax reliefs and allowances available. From tax reliefs for start-up businesses, to R&D tax credits, we work with our clients to offer commercially-viable solutions.
Smith Cooper’s tax team can help establish a clear year-end tax-planning strategy for individuals and businesses that considers a host of factors, including:
- Income tax
- Capital gains tax
- Tax efficient investments
- Inheritance tax reliefs
- Capital allowances
Tax-planning can be complex, particularly due to the rules and legislations governing what is, and is not allowed.
Any tax plan must be updated annually so as to ensure compliance and guarantee your finances are working efficiently, which is why we advise you seek professional help. Our tax experts can help you along the way, making sure your plan is executed in a timely and effective manner.