With the 2024/25 tax year coming to an end on 5 April 2025, now is the time to consider your tax planning opportunities.
Once 5 April 2025 has passed some of your allowances could be lost – so it is important for you to act now, or seek advice if you are unsure of how to take full advantage of all available tax allowances and reliefs to optimise your tax strategies.
Whether you are an individual with various types of assets, a company director or business owner, perhaps with family to consider, acting now can help you manage your tax liabilities efficiently, optimise your savings and investments, and plan effectively for the future. Our checklist outlines the key financial actions to consider before the tax year ends and details a whole range of possible tax planning opportunities.
We also suggest you consider your future by considering your inheritance tax position and carry out inheritance tax planning. This process involves three stages: Discovery, Mitigation, and Implementation. More is explained on the useful/easy to understand Pre-Year End Tax Planning Checklist; free to download here.
Everyone’s tax affairs are different, and a few simple tasks may improve tax liabilities and improve your future financial position.
Please note the checklist is based on UK taxpayers and may not be fully applicable if you are a Scottish taxpayer.
If you have any questions about tax planning now or for the future, do get in touch on 01242 776000 or tax@randall-payne.co.uk.
