With the new 2026-2027 tax year about to start on 6 April, GMcG Chartered Accountants’ experienced tax team is busy helping clients across all sectors to understand the potential tax savings that can come with the right planning.
Areas that could be examined include remuneration packages, the extraction of profits, dividend planning and options around additional pension contributions. Business owners may also look at different options when it comes to their workforce. Whether there are 2 employees or 200 employees, a myriad of employee benefit schemes is available.
Limited company owners need to understand how any changes in corporation tax and capital allowances rules may impact their tax liability. Those who undertake any research and development work could also benefit from making a Research and Development tax credit claim.
From an individual’s perspective, reviewing pension and Gift Aid contributions, investing in tax advantaged schemes and using a transferable personal allowance are some areas to consider as part of a plan to reduce tax liability. This should be done alongside a regular review of inheritance tax and capital gains tax scenarios, depending on personal circumstances.
This is only a snapshot of some of the key considerations for any business owner preparing for the 2026-27 tax year.
Lyn Canning Hagan, Tax Director at GMcG Chartered Accountants, adds:
“Effective tax planning can result in considerable benefits for business owners, where various means of maximising allowances and minimising liabilities are examined across a broad spectrum of taxation. This is particularly pertinent in light of the annual changes to many of these taxes and allowances, as announced in the Chancellor’s Budget each year.
Many businesses will differ in terms of their own circumstances and trading environments, but all businesses can benefit from diligent tax planning that leads to enhanced cashflow and profitability.”
For information on how GMcG can assist with your tax planning, contact our tax team on 028 9031 1113, or speak to your usual GMcG adviser.
For GMcG’s summary document following the Chancellor’s recent Spring Statement, or for a copy of our 2026-2027 Tax Rates card, visit our publications page HERE
