RDP Newmans calls on taxpayers to plan ahead and reduce their liabilities

One of the South East’s leading firms of independent accountants and tax advisers, RDP Newmans, has said that it is never too soon to plan for the tax year ahead.

It argues that while most people and businesses focus on their affairs in the run-up to year-end in April, waiting until then may reduce the tax reliefs on offer.

Nikhil Oza, Tax Director at the firm, which has offices in London and Harrow, said: “With the self-assessment tax return deadline just a month or so away at the end of January now is the perfect time to review your personal and business’s financial affairs to see where you could be reducing your liabilities.”

With a number of generous incentives and reliefs on offer, Nikhil said that UK taxpayers have far more options on offer to them than they may realise.

In fact, a recent study showed that nearly three-quarters of UK taxpayers say they have not done enough to reduce tax waste in the last year.

“There are various options on offer to individuals including the Married Couples’ Allowance, the dividend tax allowance, the Residence Nil-Rate Band – which provides an additional tax-free allowance if you leave your main home to direct descendants and much more,” explained Nikhil.

“Meanwhile business can look to reduce their tax costs by taking advantage of R&D tax credits if they have developed something or the Annual Investment Allowance, which now sits at £1 million a year from January 2019.”

With so much on offer, it can be easy to get confused over what options taxpayers and businesses may be eligible for according to Nikhil.