Throughout 2021/22, COVID-19 has continued to dominate. Millions of employees and directors on payroll were furloughed, and the self-employed continued to rely on grants available via the income support schemes.
Arranging your financial affairs as tax-efficiently as possible before the start of the new tax year on 6 April 2022 is arguably more important than ever – particularly with rising inflation expected to put household finances under even more pressure in 2022/23.
Ask yourself, have you maximised all of your tax-free allowances? Have you claimed all reliefs available?
This Year End Tax Guide will help you to answer these questions and more, with summaries of the tax rates, allowances and reliefs that apply to businesses and individuals for the remainder of 2021/22.
Each section comes with a set of planning points, too, which you can use as a checklist to ensure you consider all of the key areas. And, of course, contact us if you have any questions or want to discuss your tax planning further.
The views expressed in this article are the personal views of the Author and other professionals may express different views. They may not be the views of Lambert Chapman LLP. The material in the article cannot and should not be considered as exhaustive. Professional advice should be sought in connection with any of the issues contained in the article and the implementation of any actions.