Year end tax planning

Year End Financial review

Tax | Tips

November 9, 2023

It is always a good idea to set up a planning meeting with us a couple of months before your business year-end so that we can advise you on the best actions to take to reduce your taxable profits. In addition to considering paying yourself a bonus from your company, you might consider:

  • Bringing forward expenditure on equipment to take advantage of the 100% annual investment allowance (AIA) – up to £1 million a year on new and used equipment;
  • For limited companies, most new equipment qualifies for unlimited “full expensing” relief;
  • Where equipment is bought on hire purchase, make sure that it is brought into use by the year-end to get tax relief on the full purchase price and
  • Making additional pension contributions, taking advantage of the new £60,000 annual input allowance.

So make an appointment today to make sure that you’re not missing out on any tax advantages.

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