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THERE IS STILL TIME TO CONSIDER TAX PLANNING OPTIONS FOR THE 2021-22 TAX YEAR

There is still time to consider tax planning options for the 2021-22 tax year

Mike Wakeford

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With there very rarely being any exceptions, as soon as the end of the tax year has passed, tax planning options to reduce tax liabilities are no longer possible.

For Income Tax and Capital Gains Tax purposes, this means that the majority of the tax reduction options will cease unless actioned before 6 April 2022. Which is the start of the 2022-23 tax year.

Which means individuals and the self-employed have just over two months to consider their options.

If you fall into any of the below categories or would like advice on other tax affairs, please reach out to a Moore adviser.
  • Your annual income is approaching £100,000, perhaps for the first time.
  • You claim Child Benefit and the income of either parent is likely to exceed £50,000 for the first time during 2021-22.
  • You have not yet considered topping-up pension contributions for 2021-22.
  • You are self-employed with a 31 March 2022 year-end.
  • You are self-employed and considering a significant purchase of equipment including commercial vehicles.
  • You are the director/shareholder of a limited company and have not yet considered voting final dividends or bonuses for 2021-22.
  • You have experienced, or are contemplating, a change in your personal status (single, married, separating, joining, or dissolving a civil partnership).
If you need assistance with tax planning, please contact a Moore adviser.