Tax is never a one-size-fits-all approach: each taxpayer and each year will be different. And with the current tax year-end approaching, this is a perfect time to carry out a tax health check and implement any planning opportunities before the end of the 2019/20 tax year.
There are a number of valuable allowances and reliefs that will be lost if they are not used before the deadline. These opportunities include, but are not limited to, these four important areas of tax planning that should be considered. We’ve summarised these allowances below and suggest that, if appropriate to your particular situation, these areas should be reviewed before 5 April 2020.
We’ve provided our top end-of-year tax tips to help you save time and money on your taxes.
With less than two months remaining in the current 2019/20 tax year, UK-resident individuals should turn their attention to any pre-emptive steps which may be taken by 5 April 2020 in order to optimise their tax position. Personal tax planning can be complex. You should always seek professional advice when undertaking a review to ensure all changes are processed and managed effectively.
To discuss your position, please contact us.