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Tuesday, 24 November 2015 11:31

2015/16 Year End Strategies

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Tax planning is a year-round activity, but it takes on even more importance as the year end draws nearer. Taking appropriate action ahead of 5 April will help to ensure that you are able to make the most of the tax-saving opportunities available to you and your business.

Since taking office, the new all-Conservative Government has already outlined a number of significant reforms to the tax rules, many of which may have an impact on your financial planning for 2015/16 and beyond.

Your accountants can advise on how these changes will affect you, and suggest strategies to help boost your business’s profitability, reduce your tax liabilities and maximise your personal wealth. These may include:

•    taking advantage of the tax breaks available to you and your business
•    planning to extract profits from your business tax-efficiently
•    utilising tax-advantaged savings options (including pensions)
•    minimising the inheritance tax due on your estate.

Planning and careful timing are crucial. In some cases, the timing of a transaction or investment determines when any reliefs impact on your tax payments or your tax code.

These guides contains some key points to consider ahead of the year end, but don’t wait until 5 April!

Sending your accounting and personal records in good time means we have plenty of time to discuss planning opportunities and help you manage cash flow by giving you early warning of any tax payments due. And of course, good timing will help to ensure that you avoid any unnecessary penalties and interest levied by HM Revenue and Customs.