How to mitigate another tight tax year

The 2023/24 tax year came after a year of war in Ukraine and its associated impact, and against a background of overall double-digit inflation. Food and fuel have been the most affected, with households and businesses grappling with the heightened costs of many goods and services. For employers and employees, the challenges on costs of living, wages and trading have not yet eased.

Sheffield based Financial Advisers, SMH Financial Services, share some tax planning tips as we get to grips with the new tax year. With the tax year came a range of tax threshold freezes which in real terms amount to a tax increase. For additional tax rate payers, the effect has been compounded by a reduction to the threshold from £150,000 to £125,140. Increasing numbers of higher rate taxpayers may be dragged into the additional rate bracket as a result. Couple with reductions to the capital gains exemption and dividend allowance, the tax burden is only on the rise.

50 Tax Planning Tips

Focusing on the detail of how you can save tax for 2023/24 should help you through these trying times.

The SMH Financial Services ‘Tax Planning Tips’ guide for 2023/24, presents 50 handy, bite-sized ideas that will help you make the most of your reliefs and save money.

With guidance across personal and family tax planning, savings and investments, property, retirement, estate planning, business and employment issues, the guide covers the key areas of your financial life.

Simon Turner, Partner at SMH Financial Services comments: “The advice to make the most of your available tax allowances and reliefs is always central to effective tax planning guidance. For 2023/24, with continuing high inflation and the government’s tax receipts soaring, it’s more important than ever.

“The Spring Budget in March confirmed a mixture of tax threshold freezes and cuts, reductions in allowances and the expected hike in corporation tax. More taxpayers are likely to move up a tax bracket as the additional rate threshold fell, while capital gains and dividend allowance reductions are likely to require revised strategies.

“In our annual Tax Planning Tips updated for 2023/24, we cover a range of strategies to help you manage your tax planning across personal and family planning, savings and investments, property, retirement, estate planning, business, and employment.

“With worked examples and hints, you’ll find useful guidance to help you make more effective tax planning decisions and minimise your tax liabilities. We offer strategies to employers whose staff are feeling the pinch due to the rise in inflation, those working two jobs, those looking towards retirement and anyone undertaking estate planning.”

To discuss any issues that you think may affect you, the team at SMH Financial Services can be contacted on 0114 266 4432 or info@ smh.group

SCAN THE QR CODE TO DOWNLOAD YOUR TAX PLANNING TIPS GUIDE.

73% of women experience bias at work—yet less than a third of employees are able to recognise bias when they see it.

Whether deliberate or unconscious, bias makes it harder for women to get hired and promoted, and negatively impacts their day-to-day work experiences.

This makes it difficult for companies to level the playing field. Knowing that bias exists isn’t enough.

Join us to explore how you can make a difference and influence change in your workplace.

All proceeds will go to the Master Cutler’s chosen charity, The Wentworth Woodhouse Preservation Trust, supporting Wentworth Woodhouse’s work with a wide range of people and communities in low-income households, including ethnic and minority interests and disability groups, to help enrich their lives with cultural activities.

Charity Reg. No. 1155374