{"id":1744,"date":"2023-10-02T13:54:43","date_gmt":"2023-10-02T13:54:43","guid":{"rendered":"https:\/\/www.hansfordbell.co.uk\/?p=1744"},"modified":"2023-10-02T13:56:37","modified_gmt":"2023-10-02T13:56:37","slug":"year-end-tax-planning-for-individuals","status":"publish","type":"post","link":"https:\/\/www.hansfordbell.co.uk\/year-end-tax-planning-for-individuals\/","title":{"rendered":"Year End Tax Planning for Individuals"},"content":{"rendered":"

Year End Tax Planning for Individuals<\/h1><\/div>
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Planning ahead is always important a sit can help us identify any potential issues ahead of time which allows us to make corrections or appropriate contingency plans<\/h4><\/div>

This is even more so the case for tax planning<\/a> as it is important to be aware of what tax opportunities and allowances are available to you or just ensure you\u2019ve covered the wide variety of considerations when it comes to tax.<\/p>\n

The time leading up to the end of the tax year is a perfect time to look at your tax profile and make sure you\u2019ve got everything ready, so you go into the next year worry free.<\/p>\n<\/div><\/div><\/div>

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When does the tax year end?<\/strong><\/h2>\n

The tax year runs from the 6th<\/sup> of April each year to the 5th<\/sup> of April the following year in the UK. This means it doesn\u2019t follow the calendar year and you should be aware of when the end the tax year is approaching.<\/p>\n

However, it is extremely important to start planning early if you are self-employed or have your business. If you have never done a self-assessment before, you must tell HMRC<\/a> that you are planning on submitting your self-assessment by 5 October.<\/p>\n

For self-assessments, you must submit your tax return by y the end of January if you are doing it online and by the end of October if you are submitting a paper return.<\/p>\n<\/div><\/div><\/div><\/div><\/div>

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Tax Planning Checklist<\/strong><\/h2>\n

When carrying out tax planning, there are a lot of areas that you will need to look at to make sure you are covering all of the necessary considerations that may affect how much tax you pay. Ultimately, your tax situation will depend on your personal circumstances, so we\u2019ve provided a list of areas and types of tax that are commonly considered during tax planning.<\/p>\n

We will also discuss some the most important considerations and types of tax below.<\/p>\n