This year, such a review may be even more beneficial than usual. Major change to tax bands and allowances has been announced over the course of 2022. This means some last-chance opportunities to make use of allowances at current rates and to access current tax bands. Similarly, there may be areas where you have discretion over the timing of income and it is worth establishing whether income is better taken this year or next. Here again, a review before 5 April 2023 could have a significant effect on your tax position. For Scottish taxpayers, for whom higher and top tax rates are set to increase as well, there is even more to think about.
As your accountants, we have the all-round vision of your circumstances that can really help make an impact. To make the tax rules work to your advantage, it’s best to start the discussion as soon as possible before 5 April 2023. We look forward to being of assistance.
Inside this guide
In this briefing, we use the rates and allowances for 2022/23. Please note that throughout this publication, the term spouse includes a registered civil partner. Inside this guide:
- Planning potential for director-shareholders
- Income tax rates and allowances
- Tax and your family
- Savings and investments
- Capital gains tax
- Gift Aid
Our tax team help a multitude of clients navigate the complexities of personal and corporate tax, and work to establish an effective strategy that minimises tax liability. If you would like to seek more advice, please speak to your usual PKF Smith Cooper contact or get in touch with our expert team here.
The purpose of this guide is to provide technical and generic guidance and should not be interpreted as personal recommendation or advice.
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