Tax Tips for 31 March Year-End: A Guide for UK Businesses

As the 31 March accounting year-end approaches, businesses should take proactive steps to optimise their tax position. At SJC Chartered Accountants, we offer expert advice to ensure compliance and minimise liabilities. Here are key considerations:

1. Maximise Capital Allowances

Take advantage of the Annual Investment Allowance (AIA) for qualifying capital expenditure. Claiming allowances can reduce taxable profits and improve cash flow.

2. Review Loss Relief Options

Offset trading losses against profits to minimise tax liabilities. Businesses can carry losses back to the previous year or forward to future years for relief.

3. Dividend Planning

For owner-managed businesses, consider declaring dividends before the year-end to benefit from lower tax rates compared to salary payments.

4. Utilise Pension Contributions

Making pension contributions before 31 March can provide valuable tax relief while securing your financial future.

5. Assess R&D Tax Relief

Ensure eligible research and development activities are correctly claimed under the R&D tax relief scheme to enhance financial returns.

At SJC Chartered Accountants, we provide tailored guidance to help businesses optimise their tax strategy and remain compliant. Contact us today for year-end tax planning support.