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2020/21 Year End Tax Planning

January 2021

by Stuart Carswell

Keeping more of your money to enjoy, invest, save or pass on
Tax never requires a one-size-fits-all approach. Each taxpayer and each year will be different. And with the end of the current 2020/21 tax year approaching on Monday 5 April 2021, now is the time to carry out a tax health check and implement any planning opportunities.

We should all be thinking about tax planning throughout the course of a year, but this year we have been distracted by the impact of the coronavirus (COVID-19) pandemic on our lives. We have created a guide with a few reminders of the areas that may be appropriate to certain taxpayers that could be considered as worthy of including in 2020/21 tax planning to-do list.

Tax planning opportunities
Tax planning might not sound very exciting, but it can have a dramatic effect on your personal finances. It is important to ensure that, if you have not done so already, you take the time to carry out a review of your tax and financial affairs to identify any tax planning opportunities and take appropriate action before it’s too late.

It is important to plan ahead. And with the right tax planning advice, you’ll keep more of your money to enjoy, invest, save or pass on. Reducing a potential tax bill is something we all strive for.

Keeping more of your money to enjoy, invest, save or pass on
Click here to read our guide.

Once the tax year has ended, you may not have the flexibility to manage your tax affairs. Further details in relation to the matters described above are available on the gov.uk website. To find out more or to discuss your situation and options, please speak to your adviser or call us on 0161 819 1311.

 


The Financial Conduct Authority does not regulate Tax Advice, Estate Planning or Will Writing.
The content in this publication is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the individual circumstances of the investor. The value of your investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.
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