For sole trades and partnerships with accounting years ending on 31 March/5 April, if you have budget left over or need to purchase capital equipment (up to £50,000) then do this before your year end. Spending in this tax year means you will receive tax relief this January rather than having to wait two years. It makes for a sensible tax planning strategy for sole trades and partnerships given that income tax rates are double those of companies.

Call Mark Busby on 01344 620495 or email your Enquiry on tax saving tips and loss claims.