Although we don’t have a crystal ball, after all who could have predicted four chancellors and three prime ministers in twelve weeks or the ‘KamiKwazi budget’, followed by its almost total reversal, we can be safe in our predictions of the tax rules for April.
The Treasury has after all announced that personal allowance and tax bands for the basic and higher rate tax thresholds will remain unchanged until 5 April 2028.
In his Autumn Statement 2022, The Chancellor of the Exchequer froze many of the tax allowances for individuals and cut the capital gains tax annual exemption. This will have the effect that, over time, most people’s tax liabilities will increase, and more taxpayers will be sucked into the Self-Assessment system.
The good news is that there are still chances to review your tax and financial arrangements throughout the tax year – but you may well benefit from checking out any remaining reliefs, allowances, and exemptions, while considering planning opportunities either for this tax year or to improve your long-term future.
So please take a few moments to look through this planner our team of specialists at Xeinadin have compiled. It’s designed to give you a few strategies for arranging your affairs to minimise your tax exposure and make the most of the tax-saving opportunities available to you before 5 April 2023.
If you would like more specific advice tailored to your needs, contact our expert team today!