After a year like 2020, you might be forgiven for not paying much attention to organising your finances, but there’s still time to arrange your affairs as efficiently as possible before the start of the new tax year on 6 April 2021 by using the information in this Year End Tax Planning Guide 2020/21.
It’s important to consider this from every angle: Have you maximised all of your tax-free allowances? Have you claimed any reliefs available? We won’t know most of the changes for 2021/22 until the Spring Budget on 3 March 2021.
This guide will help you to answer those questions and more, with detailed summaries of the tax rates, allowances and reliefs that apply to businesses and individuals for the remainder of 2020/21.
Each section comes with a set of planning points, too, which you can use as a checklist to ensure you’ve covered all the key areas to consider.
And, of course, you can 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.