Original content provided by BDO United Kingdom
With the Budget and the end of the tax year, now is a good time to check your family finances are up to date and remain efficient.
Despite the changes and freezes to tax rates/ bands announced in Autumn Statement 2022, the UK tax system still offers many different tax reliefs and allowances for individuals and businesses to encourage investment and other behaviours that help support the economy. Making wise use of them before the end of the tax year can help offset the impact of the ‘fiscal drag’ that we face in the next few years.
BDO’s tax planning guide, fully updated for the 2022/23 tax year, summarises many key tax ideas that individuals, families and company owners can benefit from by using current tax incentives in UK legislation, including:
- Income Tax: giving funds to your spouse, non-dom planning and low emissions company cars
- Carry Back: investing in an enterprise investment scheme, deferring capital gains and giving to charity
- Company Owners: investing in new plant and machinery, claiming R&D relief, and using pension tax reliefs
- Retirement: Planning your pension draw-down in a tax-efficient way
- Capital Gains Tax: CGT on land disposals for UK and non-UK residents selling your home and future planning
- Inheritance Tax: Taking advantage of current IHT reliefs and exemptions, looking at making a Family Loan, updating your Will
- Investments: Investing in a social enterprise, investing in your employer or investing in venture capital trusts.
Don't hesitate to contact us for a discussion on how the above can form part of your tax-efficient plans for this tax year and the future. Alternatively, visit our Tax Services page.