Many reliefs and allowances work on a strict tax year basis (ending 5 April), and once the deadline passes, the opportunity is gone. This is why planning ahead is so important for a good tax position.

As a business owner, your biggest tax decision each year is how you’re going to take money out of the company. Your mix of salary, dividends, bonuses, and other benefits determines both your personal tax bill and how much NICs and corporation tax your company pays.

Business expenses and tax reliefs are powerful tools to reduce your company’s taxable profits, but they need to be reviewed before year-end to have a positive impact.

Disposing of property or other assets can create sizeable taxbills, so year-end planning is key.

Pension contributions can reduce taxable income, restore lost allowances, and attract tax relief, while ISAs offer tax-free growth and withdrawals.

Year-end isn’t just about minimising this year’s tax bill. It’s alsothe perfect time to think about the future.

For business owners, beyond immediate tax savings, the year end is a great time to review how your company is both structured and financed.