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.
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.
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.