End of Year Tax Planning Guide 2023/24

News, Tax,

As we get closer to the end of the 2023/24 tax year it’s time to think about some of the big changes the year has brought. Our End of Year Tax Planning Guide for 2023/24 will help you do that!

This tax year has seen ongoing efforts to recover from the economic impact of the pandemic. Inflation has remained a significant concern, as have persistent supply chain disruptions and geopolitical tensions.

To attempt to address these challenges, the Government has adjusted tax policies to balance revenue generation with support for businesses and individuals.

Businesses and individuals have had to be adaptable in order to stay compliant. 

The Chancellor of the Exchequer, Jeremy Hunt, presented his 2023 Autumn Statement to Parliament on 22 November 2023, publishing the supporting documents, while the Office for Budget Responsibility (OBR) published updated forecasts for the UK’s economic and fiscal outlook. Our summary is here.

The Chancellor said the Autumn Statement set out ‘growth measures to back British business’ and ‘measures to make work pay’, two themes we expect to hear more about in the Budget on the 6th March.

It’s likely that there will be more change to come in the near future, particularly with a General Election just over the horizon. Adaptability and resilience in tax planning and navigating the fiscal landscape will remain paramount for businesses and individuals.

We hope this year-end tax guide will provide you with useful insights, and will enable you to start the new tax year on a firm footing.

In the guide, you’ll find summaries of the primary tax reliefs and allowances that are relevant for the remaining months of 2023/24. Each section is accompanied by a set of planning points, which we hope will provide a practical checklist to help you consider all areas that are relevant to your affairs.

As always, if you have any questions or want to delve deeper into your tax planning, please get in touch. We’re here to help!

Please note: This generic summary is not intended as a replacement for a detailed conversation regarding your personal circumstances with a technically qualified advisor. If you’re a client of ours, please get touch with us to discuss these pointers before taking action, to ensure they take full account of your affairs, or speak to your own advisor if you have one.

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