Many newspapers and financial journals concentrate on tax planning at the end of the tax year. However, tax planning at the beginning of the tax year can be more effective. It gives taxpayers longer to make decisions rather than being pressurised by the 5th April deadline. This is of particular relevance when looking at tax efficient investments such as EIS, VCT and SEIS. Frontloading tax planning is also worthwhile when considering pensions, charitable contributions and other decisions which may have an impact on your tax liability.
With corporation tax due to go up to 25% from next year and with changes to R&D tax relief also due next year this is a good time to consider how to plan corporate expenditure and income for the last year when CT rates are low.
Primondell is happy to run short webinars on start of the year tax planning.
