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2021/22 End of Tax Year Planning

2021/22 End of Tax Year Planning

Here are my top tax year end planning tips:

  • Take advantage of your £20k Tax free ISA allowance
  • If saving for your children, take advantage of their tax free junior ISA allowance of £9k pa
  • Explore fully funding your pension scheme in order to get tax relief at your highest marginal tax rate. If annual income is over £100k pa, good planning can achieve up to 60% in tax relief!
  • Find ways to utilise your annual £12.3k tax-free capital gains tax allowance. Use it or lose it…
  • If you are married, consider transferring income-generating assets to the lower-earning spouse
  • Make sure you are utilising your annual £12,570 tax-free personal allowance
  • Explore investing into assets that generate dividends, as you can earn £2k per annum tax-free
  • Explore investing into venture capital trusts and enterprise investment schemes, in order to get 30% income tax relief
  • Make gifts to reduce the value of your estate. The annual gift allowance, lets you give up to £3k immediately free of Inheritance tax (IHT) and up to £6k if you forgot last year
  • Seek advice from a qualified professional as needed

What should you do next?

Please do get in touch to discuss this further. Call us on 01865 261100 or via email.

Find out more about Jason McGuigan

Jason  McGuigan

Jason McGuigan

Jason is the Principal Financial Planner for Critchleys Financial Planning LLP

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