Gravita’s year end tax checklist 2024-25

For companies

☐ Maximise deductions for Corporation Tax purposes
☐ Check that all available capital allowances are claimed
☐ Make loss claims within appropriate two-year window
☐ Consider eligibility for R&D claims

For director-shareholders and other business owners

☐ Assess remuneration strategy to help manage National Insurance costs
☐ Review profit extraction strategy in family companies
☐ Take appropriate action on directors’ loan accounts
☐ Unincorporated businesses: assess basis period reform transition profits
☐ Furnished holiday lettings: review plans before April 2025
☐ Check eligibility for Business Asset Disposal Relief (BADR)
☐ Consider short window before 6th April 2025 to make qualifying disposals at current 10% rate of BADR
☐ Plan for business succession

For families, couples and individuals

☐ Maximise use of tax rates, tax bands and allowances
☐ Act to minimise loss of Personal Allowance
☐ Assess allowances available for all family members
☐ Use ISA investment limits before 6th April 2025
☐ Claim higher and additional rate repayments under Gift Aid
☐ Take advantage of any unused annual allowance from previous years
☐ Plan to minimise impact of High Income Child Benefit Charge
☐ Review pension planning
☐ Update wills and estate planning, especially in the light of forthcoming IHT rule changes