Brighter Thinking Tax Planner 2023/24

Craig Hughes

Foreword by Menzies Private Client Partner Craig Hughes:

It can be difficult to keep up with tax changes at the best of times, but with four chancellors in six months, a mini budget which was largely (but not fully) reversed and a recent Autumn Statement, we hope that a reminder of the current tax rates, future proposals and associated planning will be a helpful guide to you all.

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 2023/24 tax year to 5 April 2024. It has been announced that the personal allowance and tax bands for the basic and higher rate tax thresholds should remain unchanged until 5 April 2028.

It should also be noted that from 6 April 2018 different rates of income tax were applied in Scotland. These are not taken into account.

Menzies Private Client Team

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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: