“In this world, nothing can be said to be certain except death and taxes.” It’s a famous quote from Benjamin Franklin, but award-winning accountancy firm 360 Chartered Accountants says if people plan their upcoming tax year they could avoid any nasty surprises.
Dan Collings, Tax Specialist at 360, said:
“Tax is indeed a certainty and none of us can escape the inevitable, but there are ways to mitigate your tax bill if you plan correctly. If you at least check your allowances and consider all your financial options, you may be less shocked when you receive your year-end tax bill – and happily surprised when you see your tax savings.”
To that end, 360 are helping you focus on the types of things to consider as you begin your new tax year. For instance:
- Have you utilised your capital gains allowance, £12,300?
- Have you utilised any capital losses brought forward?
- Have you looked at tax efficient investments EIS/SEIS/VCT/SITR (although these are risk-related investments)?
- Have you considered incorporation?
- Is your spouse earning less than the personal allowance?
- Are you owed money from your Limited company that you could tax efficiently extract interest from?
- Are you happy with the level of risk diversity in your investment portfolio?
- Will you be a UK resident for tax purposes for the upcoming tax year?
- Have you done any estate planning concerning Inheritance Tax?
- Have you used your cash gift allowance of £3k this year plus your £3k from last year’s allowance if you didn’t remember to do it for the year 2020/21?
- Can you claim for working from home?
- Are you claiming all available business expenses?
- Have you made any gift aid payments?
To contact 360 Chartered Accountants, call 01482 427360 or email help@360accountants.co.uk .
