Year End Tax Planning

A time for tax planning

Most people would prefer not to think about tax, but if you can bear to do so, you may end up paying less of it. It's a good idea to review your tax affairs at least once a year, and the end of a tax year is a good time for it.

Of course, the best plans are not hurried - the last day of the tax year is not the best time for making them. But there are often things that can be done to save tax, and 5 April is usually the last day for actually putting them into effect.

5 April also used to be the deadline for making most tax claims and for filing some returns. With self assessment, most of these time limits have moved to 31 January. 5 April is still important as the cut-off between one year's income and another's.

This section of the site sets out some of the points which should be included in a "year-end tax review". Of course, the precise circumstances of each individual have to be taken into account in deciding whether any particular plan is suitable or advantageous - but these suggestions may give you some ideas to discuss with your advisers.

[ next ]

Home | Disclaimer | Privacy