‘Tax planning is an ideal New Year’s resolution’ say Dudley accountants

Dudley-based AGS Accountants and Business Advisors is urging taxpayers to make tax planning their New Year’s resolution.

The end of the current tax year in April 2019 is barely more than three months away, leaving taxpayers only a limited time in which to take advantage of all the reliefs and allowances to which they are entitled.

A wide range of tax-free allowances is available, including a £2,000 Dividend Allowance, an £11,700 Capital Gains Tax allowance and a £20,000 ISA allowance.

The full list of reliefs and allowances is dauntingly long and optimising the use of these allowances is fraught with complexity. For instance, depending on an individual’s circumstances, it can be worth either bringing forward or deferring dividend payments from a business to make best use of the Dividend Allowance this year and next year.

Similarly, deciding when to dispose of an asset that is subject to Capital Gains Tax can make a big difference to tax liabilities either this year or in future years.

There is also a wide range of allowances relating to pensions that can further optimise a person’s tax position.

Steve Aston, a Director at AGS Accountants and Business Advisors, said: “Tax planning can really improve an individual’s financial position.

“Anyone who does not carefully plan for tax reliefs and allowances, could find themselves paying thousands of pounds more than they are required to.

“Our team is able to guide people through every step of the tax planning process.

“Tax planning is an ideal New Year’s resolution.”

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