Happy New Tax Year! 🎉
It’s that time again — a fresh start, a clean slate, and a perfect opportunity to get yourself (and your business) in the best possible shape for the year ahead.
Here are our top ten tips to help you kick off the new tax year with confidence:
1. Review Your Tax Code
It’s easy to overlook, but checking your tax code could save you from paying too much — or too little — tax. If you’ve changed jobs, had a pay rise, or claimed benefits recently, it’s worth making sure everything’s correct. If it looks wrong, get in touch with HMRC or give us a shout — we’re happy to help you check it over.
2. Check Your Allowances
Every new tax year means new opportunities to make the most of your allowances. Personal allowance, dividend allowance, capital gains tax allowance — they’re all there to help you minimise your tax bill. Knowing what you’re entitled to can make a real difference.
3. Update Your Bookkeeping
Let’s be honest — it’s easy to let bookkeeping slip when things get busy. But keeping on top of your records from day one will make life so much easier when it comes to tax returns, loan applications, or even planning ahead. If you need help getting a simple system in place, we can recommend some great options.
4. Plan Your Expenses
Now’s a good time to get clear on what business expenses you can (and can’t) claim. From travel costs to home office expenses, keeping good records will help you claim everything you’re entitled to — and avoid any last-minute scrambles.
5. Review Your Business Structure
Is your current setup still the best fit for your plans? Whether you’re a sole trader, limited company, or partnership, it’s worth reviewing your business structure each year to make sure it’s still the most tax-efficient way to operate.
6. Maximise Your ISA Allowance
You’ve now got a brand new £20,000 ISA allowance for the year — and using it wisely can make a big difference to your savings and investment plans. If you’re thinking about saving or investing, it’s worth looking at your options early on.
7. Get Ready for Making Tax Digital (MTD)
MTD is expanding, and more businesses and individuals will soon need to keep digital records and submit returns using approved software. If you’re not sure whether MTD affects you (or will do soon), let’s have a chat — it’s better to be ahead of the game than rushing at the last minute.
8. Plan Ahead for Payments on Account
If you’re self-employed or pay tax through Self Assessment, don’t forget about payments on account. They can come as a shock if you’re not prepared, so setting aside funds early will help you stay on track and avoid a last-minute panic.
9. Check Your Pension Contributions
Topping up your pension isn’t just good for your future — it can also save you tax right now. If you haven’t reviewed your pension contributions recently, this could be a great time to do it. You might be surprised by how much difference a small extra contribution can make.
10. Speak to Your Accountant Early
(That’s us!) Getting advice early in the tax year gives you more time to plan, save, and stay on the right side of HMRC. Whether it’s sorting out your records, planning for tax bills, or just answering your questions, we’re here to make the whole thing easier for you.
Need a hand getting organised?
Drop us a message or give us a ring — we’re always happy to help you make the most of the new tax year. Here’s to a smooth, successful year ahead!