Tax planning for trying times
- 17th May 2022
As the weather warms up and thoughts turn toward summer and the potential for foreign holidays without restrictions, it’s helpful to find things to plan and look forward to. Despite some early issues with airport queues at the beginning of the year and working our way through the post-Brexit travel requirements in Europe, being able to think again about a family trip abroad feels more like normal.
As inflation and tax increases bite, however, there are many who will have to think about putting such luxuries on hold yet again. From the fuel shortages of last year we’ve moved to fuel inflation, not just at the petrol pumps but across gas and electricity as suppliers have gone to the wall. The war in Ukraine has exacerbated these issues and is poised affect food prices in months to come.
Managing the increasing cost of living crisis will affect almost every household to greater or lesser degrees. The Chancellor has offered a counter to the rise in fuel costs by cutting fuel duty by 5p, but with petrol prices creeping up beyond 165p per litre, this is unlikely to improve matters much for frequent drivers. Raising the NIC threshold to £12,570 from July may help to counter the rate increase now including the Health and Social Care Levy, but it is likely more support measures will be needed.
In our guide 50 Tax Tips for 2022/23, we cover a range of ways that you can manage your tax planning across personal and family planning, savings and investments, property, retirement, estate planning, business employment and overseas issues.
With worked examples and hints, you’ll find useful guidance and strategies to help you make tax planning decisions even in these difficult times, minimising your tax and maximising your opportunities. This guide offers strategies to employers whose staff are feeling the pinch due to the rise in inflation, those working two jobs, those looking towards retirement and anyone undertaking estate planning.
Please get in touch to discuss any issues that you think may affect you.
All data and figures referred to in our news section are correct at the date of publishing and should not be relied upon as still current.