{"id":2313,"date":"2023-02-14T19:15:30","date_gmt":"2023-02-14T19:15:30","guid":{"rendered":"https:\/\/aelmarkhams.co.uk\/?p=2313"},"modified":"2023-02-14T19:17:41","modified_gmt":"2023-02-14T19:17:41","slug":"year-end-tax-review-2022-2023","status":"publish","type":"post","link":"https:\/\/aelmarkhams.co.uk\/year-end-tax-review-2022-2023\/","title":{"rendered":"YEAR END TAX REVIEW 2022-2023"},"content":{"rendered":"<div class=\"page\" title=\"Page 1\">\n<div class=\"section\">\n<div class=\"layoutArea\">\n<h4><a href=\"https:\/\/aelmarkhams.co.uk\/wp-content\/uploads\/2023\/02\/A-E-L-Markhams-26576-NLPDF-2022-23-Year-End-Tax-Review.pdf\"><strong>Click here to download the full article &gt;&gt;<\/strong><\/a><\/h4>\n<h4 class=\"column\">Brace for more change<\/h4>\n<div class=\"page\" title=\"Page 2\">\n<div class=\"section\">\n<ul>\n<li>Have you used all your basic rate band and dividend allowance for 2022\/23?<\/li>\n<li>Check which benefits are tax-free for 2022\/23 and, to avoid P11D issues on other benefits, meet the deadline for making good the benefit.<\/li>\n<li>Consider the tax incentives for electric or hybrid company cars.<\/li>\n<li>Can your mix of income be made more tax-efficient?<\/li>\n<li>Consider carrying back charitable donations when completing your next tax return.<\/li>\n<li>We can help you make any claims for expenses related to working from home.<\/li>\n<li>Can you claim rent-a-room relief or the property allowance?<\/li>\n<li>Review the timing of asset acquisitions to maximise capital allowances.<\/li>\n<li>Can you incur qualifying R&amp;D expenditure by 31 March 2023, before the tax relief is reduced?<\/li>\n<li>Be prepared for selling your business by planning early!<\/li>\n<li>Check that you have an up-todate Will, particularly if your family circumstances have changed.<\/li>\n<li>Can you transfer an income source to reduce your family\u2019s total tax bill?<\/li>\n<li>Are tax-favoured investments worth discussing with your advisers, despite the risk?<\/li>\n<li>Contact us if you have any concerns about all the new VAT compliance requirements.<\/li>\n<\/ul>\n<p>We recommend you undertake an annual review of your financial affairs to check that you are not paying more tax than you need to and whether the structures you set up in the past are still appropriate. Between now and the end of the tax year (5 April 2023) is a good time to assess whether you have claimed all the relevant allowances and are as well defended against high tax charges as you can be.<\/p>\n<p>The personal circumstances of each individual must be taken into account in deciding whether any particular plan is suitable or advantageous \u2013 but these suggestions may give you some ideas. We are happy to discuss them with you in more detail.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/aelmarkhams.co.uk\/wp-content\/uploads\/2023\/02\/A-E-L-Markhams-26576-NLPDF-2022-23-Year-End-Tax-Review.pdf\"><strong>Click here to download the full article &gt;&gt;<\/strong><\/a><\/p>\n<p>If you wish to discuss any of the items within the article further, or simply for a sane voice to talk through growing your business to the next level, feel free to call us.<\/p>\n<div id='contact-form-2313'>\n<form action='https:\/\/aelmarkhams.co.uk\/year-end-tax-review-2022-2023\/#contact-form-2313' method='post' class='contact-form commentsblock'>\n<script>\n\t\t\t( function () {\n\t\t\t\tconst contact_forms = document.getElementsByClassName('contact-form');\n\n\t\t\t\tfor ( const form of contact_forms ) {\n\t\t\t\t\tform.onsubmit = function() {\n\t\t\t\t\t\tconst buttons = form.getElementsByTagName('button');\n\n\t\t\t\t\t\tfor( const button of buttons ) {\n\t\t\t\t\t\t\tbutton.setAttribute('disabled', true);\n\t\t\t\t\t\t}\n\t\t\t\t\t}\n\t\t\t\t}\n\t\t\t} )();\n\t\t<\/script>\n<div class='grunion-field-wrap grunion-field-name-wrap'  >\n<label\n\t\t\t\tfor='g2313-name'\n\t\t\t\tclass='grunion-field-label name'\n\t\t\t\t>Name<span>(required)<\/span><\/label>\n<input\n\t\t\t\t\ttype='text'\n\t\t\t\t\tname='g2313-name'\n\t\t\t\t\tid='g2313-name'\n\t\t\t\t\tvalue=''\n\t\t\t\t\tclass='name' \n\t\t\t\t\trequired aria-required='true'\n\t\t\t\t\/>\n\t<\/div>\n\n<div class='grunion-field-wrap grunion-field-email-wrap'  >\n<label\n\t\t\t\tfor='g2313-email'\n\t\t\t\tclass='grunion-field-label email'\n\t\t\t\t>Email<span>(required)<\/span><\/label>\n<input\n\t\t\t\t\ttype='email'\n\t\t\t\t\tname='g2313-email'\n\t\t\t\t\tid='g2313-email'\n\t\t\t\t\tvalue=''\n\t\t\t\t\tclass='email' \n\t\t\t\t\trequired aria-required='true'\n\t\t\t\t\/>\n\t<\/div>\n\n<div class='grunion-field-wrap grunion-field-url-wrap'  >\n<label\n\t\t\t\tfor='g2313-website'\n\t\t\t\tclass='grunion-field-label url'\n\t\t\t\t>Website<\/label>\n<input\n\t\t\t\t\ttype='url'\n\t\t\t\t\tname='g2313-website'\n\t\t\t\t\tid='g2313-website'\n\t\t\t\t\tvalue=''\n\t\t\t\t\tclass='url' \n\t\t\t\t\t\n\t\t\t\t\/>\n\t<\/div>\n\n<div class='grunion-field-wrap grunion-field-textarea-wrap'  >\n<label\n\t\t\t\tfor='contact-form-comment-g2313-message'\n\t\t\t\tclass='grunion-field-label textarea'\n\t\t\t\t>Message<\/label>\n<textarea\n\t\t                name='g2313-message'\n\t\t                id='contact-form-comment-g2313-message'\n\t\t                rows='20' class='textarea'  ><\/textarea>\n\t<\/div>\n\t<p class='contact-submit'>\n\t\t<button type='submit' class='pushbutton-wide'>Submit<\/button>\t\t<input type='hidden' name='contact-form-id' value='2313' \/>\n\t\t<input type='hidden' name='action' value='grunion-contact-form' \/>\n\t\t<input type='hidden' name='contact-form-hash' value='8ae3f1053a1f25b64ddb50aef636572e70864e0b' \/>\n\t<\/p>\n<\/form>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Click here to download the full article &gt;&gt; Brace for more change Have you used all your basic rate band and dividend allowance for 2022\/23? Check which benefits are tax-free for 2022\/23 and, to avoid P11D issues on other benefits, meet the deadline for making good the benefit. Consider the tax incentives for electric or hybrid company cars. Can your &#8230; <\/p>\n<div><a href=\"https:\/\/aelmarkhams.co.uk\/year-end-tax-review-2022-2023\/\" class=\"more-link\">Read More<\/a><\/div>\n","protected":false},"author":7,"featured_media":1923,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[5],"tags":[10],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>YEAR END TAX REVIEW 2022-2023 - AEL Markhams<\/title>\n<meta name=\"description\" content=\"Year end tax review 2022-2023\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aelmarkhams.co.uk\/year-end-tax-review-2022-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"YEAR END TAX REVIEW 2022-2023 - AEL Markhams\" \/>\n<meta property=\"og:description\" content=\"Year end tax review 2022-2023\" \/>\n<meta property=\"og:url\" content=\"https:\/\/aelmarkhams.co.uk\/year-end-tax-review-2022-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"AEL Markhams\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-14T19:15:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-14T19:17:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/aelmarkhams.co.uk\/wp-content\/uploads\/2021\/12\/pexels-anete-lusina-4792285-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1709\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"ravi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ravi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/aelmarkhams.co.uk\/year-end-tax-review-2022-2023\/\",\"url\":\"https:\/\/aelmarkhams.co.uk\/year-end-tax-review-2022-2023\/\",\"name\":\"YEAR END TAX REVIEW 2022-2023 - AEL Markhams\",\"isPartOf\":{\"@id\":\"https:\/\/aelmarkhams.co.uk\/#website\"},\"datePublished\":\"2023-02-14T19:15:30+00:00\",\"dateModified\":\"2023-02-14T19:17:41+00:00\",\"author\":{\"@id\":\"https:\/\/aelmarkhams.co.uk\/#\/schema\/person\/62b792ae56f5e0dac348b8fb05651c19\"},\"description\":\"Year end tax review 2022-2023\",\"breadcrumb\":{\"@id\":\"https:\/\/aelmarkhams.co.uk\/year-end-tax-review-2022-2023\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/aelmarkhams.co.uk\/year-end-tax-review-2022-2023\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/aelmarkhams.co.uk\/year-end-tax-review-2022-2023\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/aelmarkhams.co.uk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"YEAR END TAX REVIEW 2022-2023\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/aelmarkhams.co.uk\/#website\",\"url\":\"https:\/\/aelmarkhams.co.uk\/\",\"name\":\"AEL Markhams\",\"description\":\"Chartered Accountants &amp; 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Have you used all your basic rate band and dividend allowance for 2021\/22? Check which benefits are tax-free for 2021\/22 and, to avoid P11D issues on other benefits, meet the deadline for making\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2021\/12\/pexels-vlada-karpovich-4050347-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":3142,"url":"https:\/\/aelmarkhams.co.uk\/understanding-the-40-tax-bracket\/","url_meta":{"origin":2313,"position":1},"title":"Understanding the 40% Tax Bracket and Strategies for Efficiency","date":"February 15, 2024","format":false,"excerpt":"Celebrating pay rises, bonuses, and new clients is thrilling, but as success grows, the 40% tax bracket may loom. In this article, we'll explore what the 40% tax bracket entails, the income threshold, and ways to optimise your tax situation. What is the 40% Tax Bracket? How much do I\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2024\/02\/pexels-mikhail-nilov-6963921-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":2147,"url":"https:\/\/aelmarkhams.co.uk\/autumn2022statement\/","url_meta":{"origin":2313,"position":2},"title":"Autumn 2022 Statement \u2013 What You Need To Know","date":"November 18, 2022","format":false,"excerpt":"Chancellor Jeremy Hunt presented his 2022 autumn statement on Thursday 17th November 2022.\u00a0 The key announcements are summarised below; Personal\/Employee State pension payments and means-tested and disability benefits to increase by 10.1%, in line with inflation. Top 45% additional rate of income tax will be paid on earnings over \u00a3125,140,\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"Autumn2022","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2022\/11\/Picture1.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":9375,"url":"https:\/\/aelmarkhams.co.uk\/spring-2024-budget-personal-income-tax\/","url_meta":{"origin":2313,"position":3},"title":"Spring 2024 Budget \u2013 Personal Income Tax","date":"March 22, 2024","format":false,"excerpt":"Personal Income Tax Tax rates and allowances \u2013 2024\/25 (Click Link - Page 2) The Autumn Statement included the announcement that the main personal allowance and the 40% threshold will remain at their 2022\/23 levels until the end of 2027\/28. This represents a tax increase where income rises from year\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2024\/03\/pexels-nataliya-vaitkevich-6919716-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":2357,"url":"https:\/\/aelmarkhams.co.uk\/slash-inheritance-tax\/","url_meta":{"origin":2313,"position":4},"title":"How to Slash Inheritance Tax: Expert Strategies for Maximizing Your Family&#8217;s Wealth","date":"June 6, 2023","format":false,"excerpt":"Introduction: Inheritance tax planning is a crucial aspect of managing your finances effectively, ensuring that your hard-earned assets are preserved for future generations. By understanding the available strategies and taking advantage of applicable allowances, you can minimize the impact of inheritance tax legally and optimize your family's wealth. In this\u2026","rel":"","context":"In &quot;AEL News&quot;","img":{"alt_text":"Inheritance","src":"https:\/\/i0.wp.com\/aelmarkhams.co.uk\/wp-content\/uploads\/2023\/06\/pexels-marcus-aurelius-6787970-scaled.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":1434,"url":"https:\/\/aelmarkhams.co.uk\/budget2020\/","url_meta":{"origin":2313,"position":5},"title":"2020 Budget &#8211; What&#8217;s in store?","date":"March 17, 2020","format":false,"excerpt":"Chancellor Rishi Sunak presented his 2020 Budget on Wednesday 11th March. 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