The conclusion of the 2023/24 tax year prompts us to reflect on some of the notable developments in the fiscal landscape. This past year has been marked by ongoing efforts to recover from the economic impact of the global pandemic. Inflation has emerged as a significant concern, influenced by persistent disruptions in the supply chain and geopolitical tensions. To address these economic challenges, the Government has adjusted tax policies to balance revenue generation with support for businesses and individuals. The regulatory environment has experienced continuous flux, requiring businesses and individuals to be adaptable in order to stay compliant.
The Chancellor of the Exchequer, Jeremy Hunt, presented his 2023 Autumn Statement to Parliament on 22 November 2023, publishing the supporting documents while the Office for Budget Responsibility (OBR) published updated forecasts for the UK’s economic and fiscal outlook.
The Chancellor said the Autumn Statement set out “growth measures to back British business” and “measures to make work pay”, two themes we expect to see revisited in the Spring Statement. So, as we conclude the tax year, we look ahead with anticipation for potential future reforms. This highlights the importance of adaptability and resilience in tax planning and navigating the fiscal landscape.
Our year-end tax guide
With that in mind, we have created this year-end tax guide. This guide looks at the opportunities worth considering before the end of the tax year with succinct summaries of the primary tax reliefs and allowances applicable for the remaining months of 2023/24. Each section is accompanied by a set of key considerations which serve as a practical checklist to help you consider all essential areas so you start the new tax year on solid ground.
Our tax specialists can help you navigate the financial year ahead. If you have any questions or want to delve deeper into your tax planning contact us, we’re here to help you.