As the 2024-25 tax year draws to a close, now is the time to take action and ensure you’re making the most of available tax reliefs, allowances, and planning opportunities. Whether you’re a business owner, director-shareholder, or an individual managing personal tax affairs, a well-structured approach can help you reduce liabilities and improve tax efficiency.
At Gravita, we’re here to help you make decisions with expert advice tailored to your circumstances. Our personal tax planner provides insights for individuals, families, and couples looking to optimise their tax position before 6th April 2025, while our business tax planner covers essential actions for companies and business owners.
Use this checklist as a guide to key tax planning opportunities, and get in touch with our team as soon as possible to make the most of the options available before the year end deadline.
For companies
☐ Maximise deductions for Corporation Tax purposes
☐ Check that all available capital allowances are claimed
☐ Make loss claims within appropriate two-year window
☐ Consider eligibility for R&D claims
For director-shareholders and other business owners
☐ Assess remuneration strategy to help manage National Insurance costs
☐ Review profit extraction strategy in family companies
☐ Take appropriate action on directors’ loan accounts
☐ Unincorporated businesses: assess basis period reform transition profits
☐ Furnished holiday lettings: review plans before April 2025
☐ Check eligibility for Business Asset Disposal Relief (BADR)
☐ Consider short window before 6th April 2025 to make qualifying disposals at current 10% rate of BADR
☐ Plan for business succession
For families, couples and individuals
☐ Maximise use of tax rates, tax bands and allowances
☐ Act to minimise loss of Personal Allowance
☐ Assess allowances available for all family members
☐ Use ISA investment limits before 6th April 2025
☐ Claim higher and additional rate repayments under Gift Aid
☐ Take advantage of any unused annual allowance from previous years
☐ Plan to minimise impact of High Income Child Benefit Charge
☐ Review pension planning
☐ Update wills and estate planning, especially in the light of forthcoming IHT rule changes
