YEAR END FINANCIAL PLANNING 2022/23

Another challenging year has passed but although 2022 has ended, the tax year continues, gifting three key months in which to review your finances before several important changes come into play.

To help you focus on the issues, SMH Financial Services has produced a guide to Year End Financial Planning 2022/23, bringing you essential guidance for your year-end financial planning.

After a particularly turbulent second half of 2022, with multiple prime ministers and chancellors, the fallout has brought far-reaching implications for individuals and businesses. Be it through taxes, pensions, or investments, the changes introduced by the government for 2023/24 will impact all of us.

Coupled with the rising cost of living and high inflation, the reduced (and in some cases frozen) tax thresholds make judicious tax planning before 6 April 2023 even more important than usual.

We can help you navigate these complexities and hurdles, keeping your personal finances on track.

Our guide to Year End Financial Planning 2022/23 will assist you in making sure you maximise your allowances and reliefs to reduce your tax bill.

The guide offers practical, concise steps you can take across key issues, such as:

• Income tax-saving for couples

• Tax-efficient investments

• Pensions planning

• Directors, employees and the selfemployed

• Capital gains tax planning

• Inheritance tax planning

• Charitable giving

We hope our guide gives you some ideas for how to make the most of your finances for the end of the tax year. If you would like to discuss any of the issues raised, please do not hesitate to get in touch with us on 0114 266 4432 or info@smh.group

Don’t forget – if you don’t use some of your tax allowances before 6 April 2023, you lose them!

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