End of year tax planning

We are moving closer to the end of the current tax year – 2017-18 – and as we have mentioned in previous posts on this blog, the opportunity to take advantage of perfectly legal tax planning opportunities expires once the year end date passes: 5 April 2018.

To capitalise on these opportunities, we need to know if your circumstances have changed since our last conversation on these matters. The sort of information we need to know includes:

If you are in business


  • Are your profits increasing or decreasing as compared to the previous trading period?
  • Have you recently committed to, or undertaken a significant investment in new or second-hand plant of other equipment?
  • Have you disposed of existing plant or other equipment?
  • If you run a property business have you purchased or sold property this year?
  • If your property business is intended to benefit from the tax advantages of a Furnished Holiday Lets business, have you checked that your occupancy is on track to qualify for this tax year?
  • Have you, or will you be, acquiring or selling a business during 2017-18?

If you are a higher rate tax payer

  • Is your income approaching £100,000 for the first time?
  • What pension arrangements have you committed to this year?
  • Have you made, or will you be making significant charitable contributions?
  • Has your marital status changed?
  • Have you bought or sold a property in addition to your main residence?
  • Have you bought or sold any other assets that are subject to capital gains tax?

Estate planning:

  • Has the taxable value of your estate increased this year?
  • Do you need to reconsider your Will due to family changes?
  • Do you need to reconsider any existing trust arrangements?
  • Have you made any significant gifts? Should you provide for the possible IHT consequences?
  • Have you taken advantage of the various IHT reliefs available for 2017-18?

Essentially, we need to know what has changed, or is likely to change before 5 April 2018, so that we can assess your options to mitigate any tax consequences. Occasionally, we can also advise on a change in your future intentions to give you a more effective tax result. The purpose of this post is to invite you to keep in touch; if we know what your intentions are, we can advise accordingly.

Take the next step, Call us Today
0800 043 9351