The run up to the end of the tax year on 5 April 2025 is a good time to check that your family and business finances are arranged in the best way possible.

In our Year End Tax Planning Guide 2025, we look at useful ways to take advantage of available tax reliefs and planning opportunities.

NOW is the time to take stock and make any changes before the end of the tax year.

The Guide is divided into sections: planning points for companies and business owners; then points for families, couples and individuals. This is for ease of use, and there is inevitably some overlap.

Topical Issues

Each year brings its own tax challenges, and this year is no exception. Key areas to think about include:

• Forthcoming changes to Inheritance Tax.
• Changes to Business Asset Disposal Relief.
• New emphases for profit extraction strategy.
• The abolition of the furnished holiday lettings rules.
• Impact of basis period reform for unincorporated businesses.
• Increased employer National Insurance costs to come.

We explain these changes here, and suggest practical points for action.

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.

Note: in this publication, we use the rates and allowances for 2024/25. Throughout the text, the term spouse includes a registered civil partner.