Self Assessment Countdown: Day 7 - Emergency Tax Planning Tips

With only seven days until the Self Assessment deadline, there's still time to implement some effective tax planning strategies. Here are key actions you can take to optimize your tax position before filing.

Last-Minute Pension Contributions

Making pension contributions can be one of the most effective ways to reduce your tax liability. Contributions to registered pension schemes receive tax relief at your highest marginal rate. Remember that these must be made before filing your return to count for the 2022/23 tax year.

Gift Aid Donations

Charitable donations under Gift Aid can reduce your tax bill, particularly if you're a higher or additional rate taxpayer. Review your charitable giving for the year and ensure all eligible donations are included in your return.

Business Expense Review

Take a thorough look at your business expenses. Many legitimate costs are often overlooked:

• Home office expenses
• Vehicle and travel costs
• Professional subscriptions
• Training and development
• Equipment purchases

Capital Loss Harvesting

If you've realized capital gains this year, consider whether any investments showing a loss could be sold to offset these gains. This strategy needs careful consideration and should align with your overall investment strategy.

Marriage Allowance Claims

Married couples where one partner earns below the Personal Allowance can transfer 10% of their unused allowance to their spouse. This could reduce the recipient's tax bill by up to £252 in the current tax year.

Quick Action Points

• Gather all relevant documentation for claims
• Check eligibility for often-overlooked allowances
• Review trading income and expenses thoroughly
• Consider timing of income and expenditure
• Verify all calculations before submission

Professional Support Available

Need expert guidance with your last-minute tax planning? Our team at MCC Partners specializes in identifying tax-saving opportunities, even close to the deadline. Contact us at 01474 619 990 or email This email address is being protected from spambots. You need JavaScript enabled to view it. for immediate assistance.