Too many people reach March thinking about tax. The ones who benefit most start thinking about it in April — the previous April.
There's a common misconception that year-end tax planning is a last-minute exercise. In reality, the allowances available to you — pensions, ISAs, capital gains exemptions — deliver far greater results when they're woven into your financial decisions throughout the year, not bolted on at the end.
A pension contribution made through your business reduces your corporation tax bill. An ISA shelters your wealth from future tax on growth and income. These aren't complicated strategies. They're legitimate, well-established tools that simply require a little forward thinking.
The difference between good financial planning and great financial planning is rarely about finding something new — it's about using what already exists, consistently and at the right time.
At Ward Goodman, we work alongside our clients year-round to make sure opportunities aren't spotted in hindsight.
✅ Get ahead of the 5 April deadline
✅ Integrate tax planning into your broader financial picture
✅ Make your allowances work harder, for longer
Is your financial plan built around your future — or just this year's tax bill?

#WardGoodman #FinancialPlanning #TaxEfficiency #YearEndPlanning #Pensions #WealthManagement

The end of the 2025/26 tax year is just weeks away, and there are several steps worth taking before it closes. Whether it is topping up your pension, using your ISA allowance, reviewing your NI record or getting registered for Making Tax Digital, a little action now can make a real difference.

Swipe through our checklist to see what applies to you, and get in touch if you have any questions. Our team is here to help you make the most of every allowance before the deadline.

#TaxYear #EndOfTaxYear #PersonalFinance #Pension #ISA #MakingTaxDigital #MTD #WardGoodman #FinancialPlanning #TaxPlanning

MTD for Income Tax is being rolled out in phases, and the first deadline is approaching quickly. Here is what you need to know:

Income over £50,000 in 2024/25: register by April 2026
Income over £30,000 in 2025/26: register by April 2027
Income over £20,000 in 2026/27: register by April 2028

This applies to combined gross income from self-employment and property. Once registered, you will need to submit quarterly updates and an end-of-year return using compatible software, with first quarterly submissions due from August 2026.

HMRC will be writing to those who need to register, but do not wait for the letter. Registering early gives you time to set up the right software and avoid any last-minute penalties.

Not sure where you stand? Get in touch with our team and we can help you work out whether you need to register, and when.

#MakingTaxDigital #MTD #SelfAssessment #HMRC #TaxPlanning #WardGoodman #SmallBusiness #SoleTrader #Landlord #TaxDeadline

That's down from £12,300 just a few years ago — a reduction of more than 75%.
It means managing your investment gains proactively is no longer optional. Here's what smart investors are doing before 5 April:
✔ Realising gains up to the £3,000 threshold to use the exemption before it's gone
✔ Crystallising losses to offset gains elsewhere in the portfolio
✔ Transferring assets between spouses to double up on exemptions (up to £6,000 tax-free between you)
✔ Using 'Bed and ISA' to move existing investments inside a tax-efficient wrapper
CGT planning isn't about avoiding tax. It's about making deliberate, timed decisions so you're not hit with an avoidable bill later.
If you haven't reviewed your portfolio with the 5 April deadline in mind, now is the time.
#CapitalGainsTax #CGT #InvestmentPlanning #TaxEfficientInvesting #YearEndPlanning

Which means more estates are being pulled into the Inheritance Tax net every year — without a single rule changing.
But there are simple steps you can take right now to reduce your family's future liability:
→ Gift up to £3,000 this tax year (£6,000 if last year's went unused) — immediately outside your estate
→ Make unlimited small gifts of up to £250 per person
→ Make regular gifts from surplus income — immediately IHT-exempt if structured correctly
→ Consider larger gifts (PETs) sooner rather than later — the 7-year clock starts the day you give
The earlier you act, the more options you have. IHT planning isn't just for the wealthy — it's for anyone who wants to protect what they've built.
Want to understand your position? Let's talk.
#InheritanceTax #IHT #EstatePlanning #WealthProtection #FinancialPlanning

It's actually one of the most powerful ways to reduce your tax bill right now.

Here's why: every contribution you make gets tax relief added on top. As a basic rate taxpayer, a £80 contribution becomes £100. As a higher-rate taxpayer, the government effectively funds 40% of every pound you put in. And if you haven't maxed out your pension in the last three tax years, you may be able to carry forward unused allowances — meaning a significant one-off contribution could still be on the table before 5 April.

The annual allowance is £60,000 for most people. Very few come close to using it. Don't leave free money behind. Get in touch before the deadline.

#Pensions #TaxPlanning #YearEnd #RetirementPlanning #FinancialAdvice

With 15 years of experience in Financial Services, Lisa brings a strong administrative foundation and a real drive to grow — currently working through her ROs after completing the CII Certificate in Financial Services.
We love that outside of work, Lisa is not only a bookworm and a gamer, but also a proud member of an amateur dramatic group that performs an annual pantomime to raise money for local charities. That's the kind of community spirit that fits right in here.
We're so pleased to have her on board and look forward to supporting her journey into the advisory side of Financial Services.
Welcome to the team, Lisa! 👏
#NewStarter #WardGoodman #FinancialServices #WelcomeToTheTeam #TeamWardGoodman

If so, you may be able to claim tax relief.

For assets that you own which have become worthless, you do not need to dispose of them to create a capital loss. Instead, you can make a negligible value claim, treating the assets as though they were disposed of and immediately reacquired. This crystallises a capital loss for tax purposes.

Claims can be made through your self-assessment tax return or by writing directly to HMRC.

Timing is important. In some cases, a claim can be backdated by up to two tax years if the shares were already worthless. This could mean securing a refund at a higher historic CGT rate.

Specifically in relation to shares subscribed for in unquoted trading companies, it may be possible to claim relief against income rather than CGT, potentially increasing the tax saving.

Once claimed, the loss can usually be offset in the year it arises or the previous tax year.

If you are holding assests that have lost significant value, it may be worth reviewing your position. A claim could turn a bad investment into a tax opportunity.

If you would like us to review your circumstances, please get in touch.

We are pleased to share that Iona has successfully passed her R05 Financial Protection exam.

This is a brilliant achievement and a reflection of her dedication and professionalism.

At Ward Goodman, we are committed to supporting the ongoing development of our team.

Please join us in congratulating Iona on her well-deserved success.

Last Tuesday, Sophie, Gareth, Iona and Jess were delighted to host an Industry Insight Day in partnership with the Bournemouth University's Employability Skills Programme, focused on careers in Financial Services & Accountancy.

The session gave students valuable, real-world insight into career pathways across Financial Services, Paraplanning, Accountancy and Tax Planning. From understanding different entry routes to exploring planning opportunities, attendees gained practical advice to help them navigate the industry with confidence.

It was fantastic to share our experiences, answer questions, and support the next generation as they consider their future careers.
A big thank you to everyone who took part - we look forward to continuing to build strong connections between education and industry.

When starting a new business, it’s common to assume VAT can only be reclaimed once sales begin. In reality, that isn’t always the case.

Businesses can register for VAT as an intending trader, allowing VAT on start-up and development costs to be reclaimed before trading begins. Where someone is already VAT registered, costs for a new trade may also be recoverable through an existing VAT return, depending on the structure.

However, the rules are detailed. VAT must relate to costs that would normally be reclaimable, some expenses remain blocked, and HMRC may ask for evidence that there was a genuine intention to trade.

In certain cases, VAT registration can even be backdated, enabling VAT already paid to be reclaimed.

If you’re investing in a new venture, taking advice early can make a real difference. Ward Goodman can help you understand where you stand and ensure VAT is reclaimed correctly.

We are pleased to welcome Esha Amani-Cundy to Ward Goodman as our new Personal Tax Manager.

Esha specialises in private client tax, providing compliance and advisory services for individuals, trusts and estates. She began her career at HMRC before training with a Top 10 firm and has since worked across accountancy practices and international wealth management firms, including non-resident tax matters. She is ATT, CTA and STEP qualified.

Outside of work, Esha enjoys baking, crime dramas, quiz shows and sport, and is kept busy by her toddler.

Please join us in welcoming Esha to the team.

#WelcomeToTheTeam #WardGoodman #PersonalTax #TeamGrowth

A new 40 percent first-year allowance (FYA) came into effect from 1 January 2026, offering earlier tax relief on qualifying plant and machinery for companies and unincorporated businesses.

This allowance is designed to bridge the gap where full expensing or the annual investment allowance (AIA) isn’t available, and may be particularly relevant for businesses with more complex structures, including LLPs with corporate members or assets purchased for leasing.

However, the rules are asset and structure specific. Not all expenditure qualifies, and some items, such as cars, are excluded entirely. Understanding which allowance applies can make a significant difference to the timing and amount of tax relief available.

Capital allowance planning is rarely one-size-fits-all. Taking advice before investing can help ensure relief is claimed in the most effective way.

If you’re considering capital expenditure, Ward Goodman can help you assess which capital allowances are beneficial for your business.

The UK’s Employment Rights Act 2025 is now law, bringing some of the biggest changes to employment rights in decades. Employers and HR teams will need to understand and prepare for how these reforms will roll out over the coming months and years.

To help businesses and employees navigate these changes, the Department for Business and Trade has launched a dedicated website with clear timelines, summaries of key reforms and practical guidance on what to expect and how to prepare.

From changes to statutory sick pay to updated workplace protections, this site is a one-stop resource for staying informed and compliant. Make sure to explore and bookmark it for future reference.

👉 https://www.business.gov.uk/employment-changes

#EmploymentRightsAct #UKLaw #HR #Payroll #WorkplaceCompliance

You’re entitled to a capital gains tax-free allowance each year — but it doesn’t always work in the way people expect.

The timing of gains and losses can determine whether tax relief is used efficiently or wasted entirely.

Thinking ahead, rather than reacting at year-end, can make a meaningful difference to future CGT bills.

Ward Goodman can help you plan transactions with tax in mind. #CapitalGainsTax
#TaxPlanning #WealthPlanning #UKTax #WardGoodman

Successful investing is not about picking the “best” fund. It is about how your investments are structured.

Asset allocation (how you spread money across different types of investments) has a major influence on long-term outcomes and risk levels.

In simple terms:

• Equities → Long-term growth, but more ups and downs
• Bonds → Stability and income
• Cash → Capital preservation and easy access
• Alternatives → Added diversification and inflation protection

The right mix helps:

• Manage market volatility
• Reduce reliance on any one investment
• Keep risk aligned with personal goals
• Deliver more consistent long-term performance

Asset allocation should reflect your risk tolerance, time horizon and financial objectives. Regular reviews and rebalancing help keep your portfolio on track as markets and circumstances change.

At Ward Goodman, we help clients build portfolios where every element plays a role, balancing growth opportunities with thoughtful risk management.
https://www.wardgoodman.co.uk/blog/asset-allocation-explained/
#InvestmentPlanning #AssetAllocation #WealthManagement #RiskManagement #Diversification

HMRC has confirmed that Small Employers’ Relief will be increased for the 2026/27 tax year. From 6 April 2026, qualifying employers will be able to reclaim 100% of certain statutory payments plus 9% compensation where total Class 1 National Insurance contributions in the previous tax year were below £45,000.

This applies to statutory maternity, paternity, adoption, shared parental, parental bereavement and neonatal care pay. The eligibility threshold remains unchanged.

For small employers, this increase improves cashflow support when managing statutory pay obligations and is a positive development for payroll planning in the year ahead.

#HMRC #Payroll #SmallBusiness #StatutoryPayments #UKTax #PayrollProfessionals

Investment success is not about reacting to headlines. It is about understanding time.

Your investment time horizon (how long you have before you need access to your money) is a key factor in deciding how much risk may be appropriate.

In simple terms:

• Longer time horizon → Greater ability to focus on growth
• Shorter time horizon → Greater need for stability and capital protection
• As goals get closer → Strategy should gradually reduce risk, not change suddenly

Good planning also considers risk tolerance, income needs and personal circumstances. A structured approach helps investors stay disciplined through market ups and downs while keeping long-term objectives at the centre of decisions.

At Ward Goodman, we help clients ensure their investment strategy stays aligned with both their future goals and their timeline. https://www.wardgoodman.co.uk/blog/time-horizon-planning/

#InvestmentPlanning #FinancialPlanning #WealthManagement #RiskManagement #LongTermPlanning

HMRC has confirmed that some 2026 to 2027 tax codes will be adjusted following a review of coded allowances. This includes the removal of certain employment expenses and higher rate Gift Aid relief entries where records indicate they may no longer reflect a taxpayer’s current position, particularly where there is no recent Self Assessment activity or supporting evidence.

These changes are likely to prompt questions from employees who see differences in their tax code or take home pay. It is a timely reminder of the importance of reviewing coding notices and ensuring reliefs claimed through PAYE remain accurate and up to date.

#HMRC #TaxCodes #Payroll #UKTax #TaxCompliance #PayrollProfessionals

Our YouTube channel is growing, with short, bite-sized videos designed to give you a real insight into who we are and how we support our clients.

What you will find:

✨ Employee Shorts – meet the people behind Ward Goodman

✨ Ward Goodman introductions – learn about our values and how we work

✨ Financial services insights – practical guidance across tax, pensions, and financial planning

Whether you are considering working with us, joining the team, or simply want clear financial guidance, our videos are a great place to start.

Subscribe to the Ward Goodman YouTube channel and explore our latest Shorts and videos today.
https://www.youtube.com/@WardGoodmanGroup/

Updated Starter Checklist from April 2026

A newly updated Starter Checklist for employees has been published, and payroll teams should be ready to use it from April 2026.

This checklist helps employers confirm the correct tax and payroll setup when someone starts work, reducing errors and ensuring compliance with HMRC requirements.

Make sure your onboarding and payroll processes reflect the latest guidance so new starters are processed accurately from day one.

#Payroll #StarterChecklist #WardGoodman #PayrollSpecialists

Scottish Income Tax Bands Updated for 2026/27

The Scottish Government has announced the updated income tax bands for the 2026/27 tax year, with changes that payroll teams need to be aware of ahead of the new tax year.

Key changes include:
• The Starter rate (19%) now applies from £12,571 to £16,537.
• The Basic rate (20%) band increases to £16,538–£29,526.
• The Intermediate rate (21%) band now runs from £29,527–£43,662.
• The Higher (42%), Advanced (45%) and Top (48%) rate thresholds remain unchanged.

These adjustments raise the thresholds for basic and intermediate rates by around 7.4 per cent compared with last year, providing modest tax relief for many Scottish taxpayers. It is important for payroll teams to reflect these changes accurately in payroll systems from 6 April 2026.

If you run payroll for employees in Scotland, now is a good time to review your settings to ensure compliance with the new bands.

New guidance reminds employers and payroll professionals how tips should be treated to stay compliant with the latest code of practice on fair and transparent distribution of tips. It’s important to get this right to ensure both correct tax treatment and fairness for staff.

Key points for payroll teams:
• Tips received at work do not count towards the National Minimum Wage, but Income Tax still applies on them.
• When the employer or someone influencing the business distributes tips, the payments are subject to both tax and National Insurance.
• If employees elect a Troncmaster (an employee not involved in running the business) and this is agreed with HMRC, tips are then subject to tax only when paid through payroll, without National Insurance.

Getting this right helps protect your business and ensures your team is paid correctly and fairly. If your organisation handles tips or troncs, now is a good time to review your processes ahead of the new tax year.

#Payroll #TipsCompliance #WardGoodman #PayrollSpecialists #TroncScheme

Payroll teams are increasingly asked how Statutory Maternity Pay (SMP) should be calculated for employees who are already on maternity leave. The good news is the same basic rules apply as for any SMP calculation.

Here’s what you need to know:

• Average Weekly Earnings (AWE) are calculated using the standard 8-week relevant period up to and including the Qualifying Week (QW), even if the employee is already on maternity leave.

• All earnings subject to National Insurance (including SMP itself) are included in that calculation. Weeks with no pay are recorded as zero.

• To qualify for SMP, the employee must still be continuously employed for at least 26 weeks by the end of the qualifying week and be on the employer’s payroll at that point.

This means you don’t use a special method just because someone is already on leave – you follow the usual SMP rules and make sure your AWE calculation reflects all relevant pay correctly.

Accurate payroll processing ensures compliance and avoids errors in SMP entitlement.

#Payroll #StatutoryMaternityPay #SMP #WardGoodman #PayrollSpecialists

Clarity on HMRC Nudge Letters.

HMRC is currently targeting companies it believes have overclaimed Marginal Relief. If you receive a letter questioning your "associated companies," don't face it alone.

We can support you by:
Expert Review: We'll check if HMRC has incorrectly included "passive" companies in your calculation.

Proactive Response: We ensure your response is handled within the 30-day window to prevent escalation.

Integrity and excellence in every decision. If you’ve received a letter, let your Ward Goodman manager know. #CorporationTax #HMRC #WardGoodman #DorsetAccountants

Pitching for growth? Don’t miss your VAT recovery.

Putting on an event for potential investors? While hospitality VAT is usually blocked, there is an exception for the associated costs of informative events.

Recoverable: Venue hire, equipment, and presentation prep.

Blocked: The actual food and drink provided.

Professional insight: Our tax team can help you structure your event costs to maximise your reclaims. #VAT #WardGoodman #BusinessGrowth #TaxHacks

Long-term thinking for UK employers.

A significant change is coming to pension salary sacrifice. From 6 April 2029, only the first £2,000 of annual contributions per employee will be exempt from National Insurance.

Your Strategy:

Immediate Action: Boost contributions in 2026/27 and 2027/28 to maximise the current unlimited NI savings.

Partnership: We partner with you to align reward packages with your business goals.

Let’s ensure your remuneration planning remains tax-efficient. #EmployeeBenefits #WardGoodman #BusinessAdvisory #PensionPlanning

Navigating the "Property Tax Trap."

UK landlords are facing new challenges with the 2% property tax hike coming on 6 April 2027.

Ward Goodman Insights:

Unincorporated Landlords: Consider delaying non-urgent repairs until after April 2027 to claim relief at the new, higher rates.

Joint Owners: We can help you explore Form 17 elections to optimise income splits between spouses.

Company Owners: Dividend tax rates rise on 6 April 2026; let's discuss if extracting profits now is right for you.

Success through partnership. Reach out to our property tax specialists today. #DorsetLandlords #PropertyTax #WardGoodman #TaxPlanning

HMRC has announced extra support to help taxpayers meet the 31 January Self Assessment deadline, including:

💬 Webchat boosted to ~200 advisers
🧭 Coverage across Self Assessment, Agent Dedicated Line, Extra Support, Bereavement & Online Services
📞 Callback available for vulnerable customers
🕒 24/7 digital assistant & GOV.UK guidance

📞 However HMRC phone lines will close Fri 30 Jan and reopen Mon 2 Feb.

#HMRCSupport #SelfAssessment #TaxDeadline #WardGoodman #UKTaxHelp