Protect yourself, your family and your future
As another tax year end approaches, it’s important to finalise your 2021/22 tax planning to reduce your obligations wherever possible. The current tax year started on 6 April 2021 and ends on 5 April 2022. Reviewing your tax affairs now will enable you to make the most of any allowable deductions and strategies available to minimise or mitigate a potential tax burden.
After another unprecedented year of the continued COVID-19 pandemic and an uncertain economy, it’s important to keep up with any tax changes that could affect your tax position in the future. Taking action now before 5 April could potentially save you thousands of pounds. The UK tax system is notoriously complex, but the benefits of structuring our finances tax efficiently can be significant. We’ve provided a summary and some key tax and financial planning areas that may be appropriate to certain tax payers and should be considered prior to the end of the tax year on Tuesday 5 April 2022.
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Toping up your ISA to make the most of your ISA allowance
Identifying any tax planning opportunities
Checking your PAYE tax code
Transferring part of your personal allowance to a spouse or civil partner
Contribute up to 9k into your Childs junior ISA
Utilise any capital losses
Maximise pension contributions
Pay pension contributions to save NICs
As always, please contact us with any questions that you may have.