Last-Minute Pre-Budget Tax Planning Tips from Tom Foster

With the upcoming budget looming, many people are wondering if changes to tax laws will impact their financial planning. In these uncertain times, it’s more important than ever to focus on pre-budget tax planning tips to ensure you’re making the right decisions. So, Tax Director Tom Foster has outlined. his suggestions for how people may want to plan ahead.

Tom says:

“While speculation about possible changes is rife, my approach is always based on what we know for sure.

Focus on Certainty, Not Speculation

When it comes to giving tax advice, I prefer to deal with knowns and certainties. Advising action based purely on rumours or potential changes can lead to unnecessary tax liabilities. That said, it’s crucial to align your tax planning with your intentions. For instance, if you weren’t already planning on selling, gifting, or investing, there’s often no sense in making hasty decisions purely out of fear of the unknown.

Consider Your Personal Plans

In every scenario, I encourage people and businesses to think carefully about their long-term goals. If you’re not planning any significant transactions—such as selling shares or transferring assets—there’s often no need to rush. However, for those who were already considering such actions, now may be the time to act, just in case the budget introduces changes that could impact your financial situation.

Last-Minute Pre-Budget Tax Planning Tips

If you’re concerned about how the budget could affect your tax obligations, consider these pre-budget tax planning tips:

1. 1. 1. Tidy up share portfolios – If you were already planning to sell shares, it may be wise to trigger any gains now if share prices are favourable.
      2. Top up pension pots – For those who might be impacted by a potential reduction in the annual pension allowance, it’s worth contributing more now.
      3. Consider gifting assets – If you have assets, like property or shares, that are surplus to your requirements, gifting them now could be a good idea. Just be mindful of any capital gains tax consequences.
      4. Finalise sales – If you’re in the process of selling assets, try to ensure contracts are exchanged before the budget day to lock in current tax rules.
      5. Avoid triggering tax liabilities unnecessarily – Don’t make tax decisions purely based on fear of potential changes. It’s important to assess the facts before acting.
      6.  

Seek Professional Guidance

I’m always available to discuss pre-budget tax planning tips with my clients. If you’re uncertain about whether you should act now or wait, feel free to get in touch. Making informed decisions is key to managing your finances effectively during uncertain times.

By focusing on what you know and taking a measured approach, you can ensure that any actions you take ahead of the budget are in your best financial interest.”

☎️ Chichester: 01243 782 423 | ☎️ Midhurst: 01730 817 243 | ☎️ Whiteley: 01489 287 782