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TAX TIP TUESDAY: It is now Q3 in the tax year

Want to save tax this year? Read this week’s short Tax Tip, tailored for UK doctors and dentists to help you save money and get more organised with your tax affairs. Take 5 minutes to have a read.

This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. The Financial Conduct Authority does not regulate tax advice. 

Entering Q3 in the tax year

This week we will enter September and that marks the start of the third quarter of the tax year. In short, this means we are now half way through the tax year.

If you think it has gone fast, then it is only a sign of how quickly the second half will go as well.

If you are not already doing so, tax planning should be top of your list of priorities to avoid an unnecessarily big tax bill.

Tax planning for 17/18

Tax planning is almost always most effective the sooner it can be started in the tax year. This is because it gives you time to watch your plans unfold, and make adjustments along the way.

If you are already working with your accountant and financial adviser on a regular basis, September is a good time to call a meeting to discuss:

  • how effective are your investments?
  • can you be taking advantage of new financial products?
  • could you save more money on your mortgage?
  • are your financial records up to date?
  • do you have a broad idea of your tax bill for next year?
  • could your savings be working harder for you?
  • are you on track to retire when you want to?
  • have you got any major financial milestones coming up?

If you haven’t been thinking about tax planning for the current year, now is the time to start. Make the most of the final six months of the year, to see how to bring your tax bill down.

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