Sarah Bradford highlights some year-end tax planning tips to ensure valuable allowances are not wasted.
As the tax year draws to a close, it is time to take stock and undertake any last-minute tax planning. This should include a review of available allowances for the 2022/23 tax years and consideration of the extent to which they have yet to be used. Many allowances are lost if they are not used in the tax year in question. Where this is the case, the taxpayer has until 5 April 2023 to use up any remaining 2023/23 allowances before they are lost.
Personal allowances
The personal allowance is set at £12,570 for 2022/23. It is frozen at this level until 6 April 2028.
The personal allowance is lost if it is not fully utilised in the tax year. Where the allowance remains available, consider whether it is possible to advance income so that it is received before 6
