No one wants to pay more tax than they are required to and yet every year hundreds of thousands of taxpayers miss opportunities to reduce their tax bills.

The clock is now ticking down to the end of the tax year in April, and with many experiencing a squeeze on living standards, there has never been a better, or more challenging, time to plan for tax.

At the moment taxpayers in the UK face many difficulties, not least the freeze on many personal tax allowances until 2026.

Analysis by the independent House of Commons Library, suggests the decision to freeze the personal tax allowance and higher rate tax threshold until 2026 will push more than a million workers’ earnings into the higher 40p income tax band – with London and the South East seeing the biggest rise.

More than 1.2 million people will be dragged into the 40p rate in the next four years putting extra strain on household finances at a time when many already face higher inflation and a cost-of-living crisis.

Household disposable incomes are expected to be one per cent lower by 2026 across all regions than they would be if there was no freeze on income tax thresholds.

In London alone there will be 210,000 additional higher rate taxpayers and 155,000 more people paying income tax. Of course, the freeze on many tax allowances will affect all taxpayers, including those with significant incomes and wealth.

In the coming weeks, we will be sharing lots of tax tips and information with our clients and contacts via our social media accounts and email.

These posts and articles will be packed with information to help you reduce your tax bill before the year-end in April and plan for the future.

However, as the end of the tax year is upon us, it is important to seek advice at the earliest opportunity, so please speak to our tax team today for advice.