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Taxpayers need to plan for tax year-end, says TWP

Surrey accountancy firm is calling on taxpayers to make full use of their tax allowances and reliefs as the end of the tax year approaches on 5 April.

The firm, which has offices in Weybridge and Cranleigh, has said that every year hundreds of thousands of people miss important tax savings because they do not take full advantage of official reliefs and allowances.

With many families and individuals struggling with the ongoing cost crisis, the firm believes that a small time spent tax planning could make a substantial difference to annual income.

Andrew Goddon, Tax Partner at TWP, said: “We regularly meet new clients who do not realise just how much money they could save by taking some simple steps in their lives, such as saving more into a pension or making use of personal tax reliefs, like the marriage allowance.

“In some cases, taxpayers can even alter the rate at which they pay tax through careful planning, by using tax-free investments or managing their wealth effectively.”

With many personal tax allowances frozen until 2026, TWP has said it has never been more important for taxpayers to seek advice, especially as wage growth has meant that many more people now pay a higher rate of tax.

“Tax planning doesn’t have to be time consuming, complex or costly,” said Andrew. “Just a brief time spent with a professional adviser could make a significant difference to the amount of tax paid and may even open new opportunities to invest and save for your future.”

To find out more about TWPs tax planning services, please visit www.twpaccounting.co.uk or read their latest article for more advice here.