As we mentioned in our January 2015 newsletter there are a number of tax planning opportunities that will cease to exist once the clock passes midnight, 5 April 2015. For businesses whose year end coincides with the 5 April 2015 (or 31 March 2015) these opportunities included:
- The timing of capital purchases: equipment, vehicles and so on.
- The timing of significant overhead expenditure.
- Dividend and profits extraction planning if your business is a limited company.
- And again, if you have a limited company is your director’s loan account overdrawn?
In fact, all taxpayers, whether in business, employment or receiving a pension, may have opportunities to legitimately reduce their tax liabilities for 2014-15. The point of this article is to remind you that once the tax year end passes these opportunities will be lost, very often permanently.
Readers who are in business, or who have significant or complex sources of income, should have contacted and consulted with their tax advisors by now. If not, there is still just over three weeks to take action. Please call to see if there are any advantages that may be available to you.
You may be kicking yourself later this year if you pass over this planning window without taking action.