IT’S TIME TO IDENTIFY, PLAN FOR AND POTENTIALLY MITIGATE YOUR TAX BURDENS
The Government has spent hundreds of billions on measures to support businesses and jobs, and fight the coronavirus (COVID-19) pandemic. But how will it pay for these? We won’t know the extent of the final bill until long after the crisis is over.
While the Chancellor of the Exchequer, Rishi Sunak, is looking to reduce the tax gap, there are nonetheless still opportunities to review your financial arrangements for saving tax throughout the tax year.
Taking action now will give you the opportunity to take advantage of any remaining reliefs, allowances and exemptions before the end of the 2020/21 tax year on 5 April.
At the same time, you should be considering whether there are any planning opportunities that you need to consider either for this tax year or for your long-term future.
WHAT ARE MY TAX PLANNING GOALS?
To reduce my current overall tax year liability
Defer my current year’s tax liability to future years, to increase availability of cash for investment, business or personal needs
Reduce any potential future years’ tax liabilities