Tax Tip – Quarter One

We’re into the new 2022/23 tax year now, and as paperwork goes in and out, Q1 payments approach due, and everything gets a bit busy, it’s a good time to step back and check your tax code, to make sure that you’re not being over or under-charged tax.

Revised codes are sent out after a tax return has been submitted, but these basically assume that your circumstances have stayed the same. If you don’t think your tax code is correct or includes items that would be better dealt with via self-assessment, you should speak with your financial advisor and contact HMRC to amend the code.

Check that your National Insurance Contributions (NICs) are up to date, as entitlement to state pension and other contributory benefits rely on sufficient NICs being paid – to be entitled to a full single-tier state pension, you need 35 qualifying years, and at least 10 years for a reduced pension.

If you’re not sure what needs to be done to make the most of your finances, and have the 22/23 tax year running smoothly, you should get in touch with our advisors – we can give you expert consultation, advice, and the services you need to make tax less taxing.