Year-end tax planning

  • 25th January 2022

It is always vital to review your financial goals ahead of the end of the tax year.

It is that time of year when you need to make sure your business and personal finances are in the strongest possible position for whatever the future may hold. This includes planning to make the most of the tax-saving opportunities available to you, particularly ahead of the tax year-end. There are many ways your accountant can help you identify suitable tax planning measures to help mitigate personal tax liabilities, increase your business’s profitability and maximise your personal wealth.

It is essential to act now in order to minimise your tax bill and maximise tax reliefs – don’t leave it until 5 April 2022.

There are a number of tax-efficient planning options you might wish to implement before the deadline. These include:

  • making the most of the tax-efficient investment opportunities available to you and your business
  • ensure you are extracting profits from your business tax-efficiently
  • saving for a comfortable retirement
  • ensure you are using all IHT exemptions
  • reducing your inheritance tax bill
  • making use of all your tax allowances across the family.

Talking to your accountant in good time will ensure that they can discuss the tax planning opportunities available to you and help you manage your cashflow by giving you early warnings of any tax payments due.

Read more on: Tax planning

Written by: Vicky Prior

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.