Personal Tax Planning 21/22

As the UK continues to emerge from the pandemic the future for UK taxes seems clear – increases are on the horizon. Planning for the future is therefore key and there has arguably never been a more important time to rethink your family’s or company’s tax- plans for the future.

Currently, the UK tax system offers many different tax reliefs and allowances for individuals and businesses to encourage behaviours that help get the economy going again – from tax incentives to invest in new business equipment to tax reliefs on passing assets down to future generations. 

This year’s tax planning guide, fully updated for the 2021/22 tax year, summarises many key tax ideas that individuals, families and company owners can benefit from by using current tax incentives in UK legislation, including:

• Income Tax: giving funds to your spouse, non-dom planning and claiming expenses for working from home
• Carry Back: investing in an enterprise investment scheme, deferring capital gains and giving to charity
• Company Owners: investing in new plant and machinery, using the CJRS, claiming R&D relief, and taking advantage of tax breaks for apprentices
• Pensions: Planning your pension draw-down in a tax-efficient way
• Capital Gains Tax: CGT on land disposals for UK and non-UK residents selling your home and future planning
• Inheritance Tax: Taking advantage of current IHT reliefs and exemptions, looking at making a Family Loan, updating your Will
• Investments: Investing in a social enterprise, investing in your employer or investing in venture capital trusts.

Not all of the ideas will be relevant to you, your family or your business, however, where an idea is of interest, please contact us for a discussion on how this can form part of your tax-efficient plans for 2021/22 and the future.

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