We’re just beginning to feel the first hints of spring, a little bit of sunshine and longer days – it certainly lifts the spirits! But amidst the blooming daffodils and chirping birds, it’s important to remember that the end of the tax year is fast approaching.
Don’t worry, Gross Klein Wood Accountants in Peterborough are here to help you navigate the sometimes confusing world of tax!
Missed the January Deadline? Don’t Panic!
If, for any reason, you were not able to file your tax return before the deadline at the end of January, please don’t hesitate to get in touch. We can help you file it and avoid any unnecessary penalties.
End of Year Tax Planning: Make the Most of Your Allowances
Now is the perfect time to consider some crucial end-of-year tax planning strategies. Here are a few things to think about:
- Maximise your ISA allowance: ISAs offer a tax-efficient way to save and invest. Make sure you’re making the most of your annual allowance before it’s too late!
- Pension contributions: Boost your retirement savings and potentially reduce your tax bill by making pension contributions.
- Charitable donations: Supporting your favourite charities is not only rewarding but can also have tax benefits.
Business Owners: Year-End Considerations
For our business clients, there are some specific areas to focus on:
- Equipment purchases: Investing in new equipment? Consider making those purchases before the end of the tax year to potentially take advantage of capital allowances.
- Dividends: Review your dividend strategy to ensure it aligns with your overall tax planning goals.
Get Organised Now for a Stress-Free April
As we mentioned in February, it’s never too early to start getting organised! We encourage you to begin collating all your business and tax records for the current year. This will make the process of completing and filing your tax return much smoother and quicker after the 5th April.
By getting organised now, you’ll have peace of mind knowing your tax affairs are in order and you’ll be aware of any tax liabilities well in advance.
Enjoy the Longer Days!
Have a great March and don’t forget – at the end of the month, the clocks go forward one hour! That means more daylight in the evenings for those long-awaited spring walks and garden gatherings.
Need help with your tax return or any aspect of tax planning? Contact Gross Klein Wood Accountants, your trusted tax accountants in Peterborough. We’re here to support you and ensure you’re making the most of your tax position.
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