Use it or lose it – Tax Year End Planning 2023 www.kbafinancial.com It’s that time of year again when you need to consider what allowances you th need to ‘use or lose’ before the 5 April 2023 and be aware of what changes are coming. Please do email [email protected] to action any points, discuss your needs or call the main office on 01942 889883 to have a discussion with one of our team. Remember we now have offices in Leigh, Bury, Nantwich and Southport and our satellite office in London as well as offering telephone and remote meeting options. The following does not relate to the rules in Scotland where things are different. The th content is correct as of the date of writing 24 January 2023. We are not tax advisers; this is based on our understanding of the rules and how it can relate to your planning. Please ensure you contact your tax adviser or accountant to discuss anything related to your personal circumstances, or if there are other allowances/reliefs available not documented here. This is an overview of the main points that relate to our clients. Income tax and thresholds Your Personal Allowance The personal allowance is the first element of your income which you don’t pay tax on. Technically the personal allowance is a 0% banding and is set at £0 - £12,570 for the 2022/23 tax year. This is now set to be frozen until 2028 so if your income is going up then you may pay more tax over the coming years. Make sure: 1. You have utilised your personal allowance for this year or transferred unused allowance to your spouse/civil partner where available under the ‘marriage allowance’ rules.