Tax Planning: 2023/24
Mark McLaughlin
Tax Planning: 2023/24
The fast pace of new tax legislation and developments seems relentless. Nevertheless, it remains incumbent on tax advisers to stay up-to-date with changes, to ensure that tax advice given to clients remains current and relevant, and that tax planning opportunities are not missed.
Furthermore, the government and HMRC continue to clamp down on what they regard as tax avoidance and unacceptable tax planning. This can have unfortunate and unexpected consequences for taxpayers, and is also likely to have unpleasant implications for 'enablers' of defeated tax avoidance.
There is still much that can legitimately be done to save or reduce tax. Indeed, many clients of professional firms expect prompt, appropriate and up-to-date advice from their advisers on minimising tax liabilities. Tax Planning aims to point out some of the areas where such planning opportunities still exist.
This updated content – brought fully up to date to include Finance Act 2024 - includes:
- an outline of important changes to capital allowances, including full expensing
- Commentary on the abolition of the current year basis of assessment for unincorporated businesses and the move tax a tax year basis of assessment (3.7)
- Update on new developments in R&D