It’s time to review your financial goals
Even if we’d predicted the chaotic events of 2022, you wouldn’t have believed us. Tanks rolling into a European country. The world teetering on the brink of both world war and global recession.
Russian oil fuelling rocketing inflation. And then in Britain alone, four chancellors and three prime ministers in twelve weeks. The ‘KamiKwazi budget’, was followed by its almost total reversal. Strikes and the most brutal tax squeeze since the dark days of the 1970s…
But as business advisors, it’s our job to try to find order in the chaos and to help you plan for whatever we might face next year. And one thing that is predictable with rock-solid certainty is the tax requirements for April.
The Treasury has recently announced that personal allowance and tax bands for the basic and higher rate tax thresholds should remain unchanged until 5 April 2028.
So, it’s that time of year again when we remind you of the current tax rates, what’s proposed for the future and how you can best plan for it. As ever, our tax specialists have been working hard all year to find ways you can mitigate your personal tax liabilities, increase your business’s profitability, and maximise your personal wealth.
Because while it’s only right that we all pay our fair share of tax to keep public services running, that doesn’t mean you can’t be a bit shrewder in making legitimate use of the tax allowances the Government offers you.
In his Autumn Statement 2022, The Chancellor of the Exchequer froze many of the tax allowances for individuals and cut the capital gains tax annual exemption. This will have the effect that, over time, most people’s tax liabilities will increase, and more taxpayers will be sucked into the Self-Assessment system.
The good news is that there will still be chances to review your tax and financial arrangements throughout the tax year – but you may well benefit from checking out any remaining reliefs, allowances, and exemptions, while considering planning opportunities either for this tax year or to improve your long-term future.
So please take a few moments to look through this planner. It’s designed to give you a few strategies for arranging your affairs to minimise your tax exposure and make the most of the tax-saving opportunities available to you before 5 April 2023.
It will help you:
• make the best use of your capital allowances
• maximise your ISA allowance
• minimise your inheritance tax liability
• hold on to more of your profit
• plan ahead for a more comfortable retirement