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Time is running out for tax planning 2019-20

Peter Richardson

A reminder that in just a few months the present tax year closes, 5 April 2020.

After this date, a whole raft of 2019-20 tax planning options for individuals will cease to be available.

These cover a multitude of opportunities to reduce your liability to Income Tax, Capital Gains Tax, National Insurance and Inheritance Tax. These opportunities include, but are not limited to:

•    Remuneration choices for director/shareholders of small companies,
•    Pension planning,
•    Tax effective gifts to charities,
•    Repaying certain benefits to employers – for example, repaying any private petrol provided,
•    Reviewing tax efficient use of investment allowances – planning capital expenditure,
•    Maximising use of the “trivial benefits” exemption,
•    Gifting income producing assets to spouse or civil partner,
•    Considering options if your total annual income is approaching £100,000 for the first time. Income over this figure will trigger a gradual reduction in your personal tax allowance.

We cannot list all of the available options here. Each person’s financial affairs are to some extent unique.

Moore & tax planning
Our team offers bespoke advice on tax, trust and estate planning and wealth management, as well as assistance with day to day matters such as tax returns. We ensure easy access to the right people, so decisions can be made quickly and confidently.

Contact us today, and find out how we can help you thrive in a changing world.