The run up to the end of the tax year on 5 April 2024 is a good time to make sure that your family and business finances are arranged in the best way possible.
The freeze of many tax rates and thresholds continues to increase the government’s tax take, but there are still many useful ways to arrange your affairs tax efficiently, and we provide an overview of some of these here.
Where you have discretion over the timing of income, for example, you can establish when that income is best taken — in this tax year or the next. A review before 5 April 2024 could therefore have a significant effect on your tax position. For Scottish taxpayers, to whom higher tax rates and thresholds apply, this is particularly true.
Each year brings its own tax challenges, and this year is no exception. Although the Autumn Statement 2023 was low on dramatic announcements, there are a number of important changes pre-dating this, which will take effect shortly. These will merit consideration as part of a year end review for many people, and include:
- further reduction to the capital gains tax annual exempt amount
- a further cut in the Dividend Allowance
- the introduction of basis period reform for unincorporated businesses.
As your accountants, we have the all-round vision of your circumstances that can really help make an impact, and we look forward to being of assistance. In this Briefing, we use the rates and allowances for 2023/24. Please note that throughout this publication, the term spouse includes a registered civil partner.
