YEAR END TAX REVIEW 2022-2023

• 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 mix of income be made more tax-efficient?
• Consider carrying back charitable donations when completing your next tax return.
• We can help you make any claims for expenses related to working from home.
• Can you claim rent-a-room relief or the property allowance?
• Review the timing of asset acquisitions to maximise capital allowances.
• Can you incur qualifying R&D expenditure by 31 March 2023, before the tax relief is reduced?
• Be prepared for selling your business by planning early!
• Check that you have an up-todate Will, particularly if your family circumstances have changed.
• Can you transfer an income source to reduce your family’s total tax bill?
• Are tax-favoured investments worth discussing with your advisers, despite the risk?
• Contact us if you have any concerns about all the new VAT compliance requirements.

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.

The personal circumstances of each individual must be taken into account in deciding whether any particular plan is suitable or advantageous – but these suggestions may give you some ideas. We are happy to discuss them with you in more detail.