As we enter a new year, many of us will be looking at how we can make our money go further, but one area that is often overlooked is taxation.
As we start to look towards the new tax year in April, some immediate actions must be taken now to make the most of the opportunities on offer in both our personal and business lives.
If you do not plan now, you might miss out on many tax-saving opportunities and end up paying more tax than is required.
For those running a business, the amount of tax paid will always be directly linked to the amount of net profit you have earned.
Effective tax planning can ensure you have the capital needed to invest in and grow your business. In the next year, business owners need to consider:
With many personal tax allowances and exemptions frozen until 2028, taxpayers need to take a longer-term view of their finances, particularly as inflation continues to drag them into higher tax bands.
You should take advantage of the current allowances and tax-saving opportunities available to you by:
Make tax planning your New Year’s resolution and avoid a shock when your next tax bill arrives.
Take the time now to reduce your liabilities before the financial year ends and ahead of the changes to tax allowances and rates.
At Lamont Pridmore, we help our clients reduce their tax bills by maximising the opportunities available to them – helping them to save more than £8 million last year alone.
Our approach relies on good housekeeping to ensure you can legally claim the allowances and reliefs you are entitled to and that you’ve considered the tax implications of every major decision.
Get in touch today to find out how we can help by calling 0800 234 6978 or emailing info@lamontpridmore.co.uk.
