Things to think about in March

March is an important month because it is your last opportunity to make changes in the current tax year.

You might have had a great year - OK most people haven't, but if you have then that's brilliant. Until you do your next tax return and realise how much tax you owe.

March is your last chance to reduce your tax liability. If you have a business you may want to consider investing in new equipment or vehicles. Anyone - or nearly anyone - can reduce their tax liability by investing into a pension.

Something you may have overlooked is the government assistance given out to businesses during the coronavirus pandemic. Both the Small Business Rates Relief (SBRR) given out by local authorities and the Self-Employed Income Support Scheme (SEISS) payments are to be counted as income in your tax return.

But you have to do this sooner rather than later, it is one thing in life that you can't put off because the tax year is ending.

Everyone's situation is different; feel free to contact us on 01736 799640 if you would like to talk through your options.