Foreword by Menzies Private Client Partner David Truman
While the Chancellor of the Exchequer has been looking to reduce the tax gap and had widely been expected to further increase taxes, there are nonetheless still opportunities to review your financial arrangements for saving tax throughout the tax year. The Chancellor suggested in the Autumn statement 2021 that looking forward he would be focused on spending increases and economic growth to increase the size of the economy and the tax take going forward rather than further tax increases.
Taking action now may give you the opportunity to take advantage of any remaining reliefs, allowances and exemptions. At the same time, you should be considering whether there are any planning opportunities that you need to consider either for this tax year or for your long-term future.
How to use this Year end tax planner
Take a few moments to review this planner, in which we highlight some simple tax planning strategies which could help you structure your affairs in such a way to help reduce your exposure to tax.
Unless otherwise specified, the tax rates used are for the 2022/23 tax year to 5 April 2023. It has been announced that the tax bands should remain unchanged until 5 April 2026.
It should also be noted that from 6 April 2018 different rates of income tax have applied in Scotland. These are not taken into account.
Access each section of our tax planner:
Menzies Private Client Team
Personal tax planning can be complex. We would always recommend that you seek professional advice when undertaking a review to ensure all changes are processed and managed effectively. Please do speak with your Menzies contact who will be delighted to meet with you to discuss ideas, opportunities and the appropriate action.
To discuss your tax planning arrangements for the tax year ahead, contact Menzies Private Client Team below: