As the UK tax year-end approaches on 5 April, now is a great time to review your business finances and explore tax planning opportunities, especially if you’re self-employed. Effective tax planning can help reduce tax liabilities, improve cash flow, and strengthen your financial position.

Here are some areas to consider:

Capital allowances
A key area to review is capital allowances. If your business has invested in equipment, vehicles, or machinery, you may qualify for tax relief under the Annual Investment Allowance. Taking a closer look at these purchases before the tax year-end ensures you don’t miss out on valuable deductions.

Pension contributions
Pension contributions also offer potential tax benefits. By contributing to employee or director pensions before the tax deadline, you can reduce taxable profits and foster staff loyalty.

R&D activities
If your business has been involved in innovation, you may be eligible for tax credits under the Research and Development Tax Relief scheme. These credits can provide a substantial financial boost.

Proactive planning now can save you from future headaches and uncover opportunities to improve your bottom line. Why not give us a call to ensure you’re making the most of all available options?