Only a few days to go until the end of this tax year on 5^th April.  Just time to review your current tax position, and future plans, so you can make timely changes to save tax.

• Which years taxes would you prefer to pay?
• Allowance reset on 6^th April
• Will the new year’s rules be better or worse for your plans?

Look out for budget announcements for new changes but some have already been announced:

1. Interest will no longer be a deduction from rental income
2. Property sales need to be reported & tax paid within 30 days
3. £40,000 letting allowance ceases
4. Off payroll working rules to be extended

What to look for in your review

1. Have you earned your state pensions credits?
2. Have you earned enough to use or lose your tax-free allowance?
3. What tax thresholds are you nearing?
4. What else may income effect?

What you can do:-

• overtime or unpaid leave
• Declare company dividends or take temporary loans
• Sell now or later
• Time the commitment to major expenditure/repairs
• Pay/receive interest on loans to business
• Pay pension contributions or charity donations
• Transfer 10% of tax-free allowances to spouse
• Claim tax credits, child benefits etc

You can also use your review to estimate your tax bills, to reduce payments on account or just budget for next January’s income tax payment.