With many extraordinary tax years in the modern era, it seems 2022/23 has been no different. While 2020 and 2021 saw the heights of the pandemic, 2022 saw a surge in inflation mainly due to the continued supply chain issues after Covid, Russia’s war on Ukraine and rising energy prices.
Arranging your financial affairs as tax-efficiently as possible before the start of the new tax year on 6 April 2023 is therefore extremely important, especially when we consider the UK is expected to fall into a recession throughout 2023.
It doesn’t help that the past year has been mired with changes – and then U-turns – to the tax system, making the rules hard to keep track of. That’s what three Prime Ministers, four chancellors and three financial statements in one year will bring you.
That’s why we’ve created this year-end tax guide; so you can see everything you need to know to start the new tax year the right way. You’ll find summaries of the main tax reliefs and allowances for the remainder of 2022/23.
Each section comes with a set of planning points, which you can use as a checklist to ensure you consider all of the key areas. And, of course, you can contact us if you have any questions or want to discuss your tax planning further.