Taxpayers stand to save both money and headaches in 2025 by committing to better tax practices in the year ahead, according to leading audit, tax and business advisory firm Blick Rothenberg.
Robert Salter, a Director at the firm, notes: “Most people make personal resolutions about health and lifestyle, but your financial health is equally important—and being on top of your taxes plays a significant part.”
With the deadline for the 2023/24 tax return set at 31 January 2025, Salter suggests that anyone who has yet to complete their submission should resolve to do so earlier this year. “It will help you avoid stress and the risk of an HMRC penalty,” he says.
He also points out that taxpayers may be overlooking valuable reliefs, particularly if they pay tax at 40 or 45 per cent. Gift aid contributions can deliver immediate savings when claimed through a self-assessment tax return, and those made during the 2024/25 tax year can still be brought forward for relief in the earlier year if completed before filing.
According to Salter, pension planning can also be a powerful new year pledge. Bonuses paid in February or March could be directed into a pension scheme via an employer contribution rather than taken as cash, potentially reducing the overall tax bill.
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