The start of April is a time for lots of funny fables, untrue stories that will hoodwink the gullible. But it is also a time of significant financial change – and that is no joke.

With the new tax year taking effect from April 6th, individuals and businesses alike will need to be aware of how this will affect them. Now would be a very good time to talk to tax planning accountants to get everything in the best possible order.

The BBC reports, this is a very significant time not just because of tax changes coming into effect as they would in any year, but because some of the help made available because of the pandemic is starting to be wound down.

On the one hand, there will be tax changes for individuals, from higher council tax, TV licence and car tax charges to the final increase in the personal allowance for income tax.

If you employ staff on the national living wage, it is also important to note this is going up to £8.91 an hour and will now apply from the age of 23 rather than 25. Because this additional labour cost will affect your profits, it is important to calculate its impact on any corporation tax bill you may have.

Perhaps more significant than changes to your household bills is the withdrawal of protections such as firm mortgage repossessions. This can affect not just anyone with a mortgage, but also business owners with no limits to their liability.

That means it’s also worth considering your company structure if you are self-employed, with limited liability ensuring your home and other assets are protected.

So while some spend this time recounting tall tales about spaghetti trees and spoof TV studio fights, those focused on the most serious things in life will make sure they get their tax situation sorted.