We are approaching the end of the calendar year, goodbye 2019, and the end of the of the current tax year, 2019-20, will draw to a close 5 April 2020.
Add to this self-assessment deadlines, Brexit changes, election results and will we – won’t we – have a budget speech any time soon, and it’s clear that the outlook for businesses, taxpayers and their advisers is changeable and hectic.
We are approaching a period of significant change in multiple areas that have an impact on our financial affairs. In our opinion, there has never been a more crucial time for serious planning. In particular:
- All businesses should be availing themselves of the reporting benefits of keeping their accounts electronically. There are a number of online, cloud-based systems available at low cost that can take the misery out of this repetitive chore. Benefits are legion, improved: cash-flow, credit control, and real-time management information.
- All self-assessment taxpayers should have their tax returns for last year filed and be aware of tax payments due on or before 31 January 2020.
- Have you taken advantage of our year-end tax planning review? Many of the opportunities to reduce your annual tax bills need to be actioned before the end of the tax year, 5 April 2020.
Add to this a rethink of your capital gains tax and inheritance tax position for 2019-20. Again, action needs to be taken before the end of the tax year.
If you have significant business interests and/or personal income sources that are approaching or exceeding the higher rate tax band triggers, and you have not yet examined opportunities to reduce your liabilities, please call, the clock is ticking.
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- Current tax year will still end 5 April 2021 - February 4, 2021