• Personal Tax Planning 2021/22

    Practical ideas for individuals, families and company owners.

Article:

Personal Tax Planning 2021/22

22 February 2022

As the UK continues to emerge from the pandemic the future for UK taxes seems clear – increases now and more in the pipeline. Planning for the future is therefore key and there has arguably never been a more important time to rethink your family’s or company’s tax plans.

The UK tax system offers many different tax reliefs and allowances for individuals and businesses to encourage investment and other behaviours that help the economy – using them wisely can help offset the impact of the expected tax rises ahead. 

This year’s tax planning guide, fully updated for the 2021/22 tax year, summarises many key tax ideas that individuals, families and company owners can benefit from by using current tax incentives in UK legislation, including:

  • Income Tax: giving funds to your spouse, non-dom planning and low emissions company cars
  • Carry Back: investing in an enterprise investment scheme, deferring capital gains and giving to charity
  • Company Owners: investing in new plant and machinery, claiming R&D relief, and taking advantage of tax breaks for apprentices
  • Pensions: Planning your pension draw-down in a tax-efficient way
  • Capital Gains Tax: CGT on land disposals for UK and non-UK residents selling your home and future planning
  • Inheritance Tax: Taking advantage of current IHT reliefs and exemptions, looking at making a Family Loan, updating your Will
  • Investments: Investing in a social enterprise, investing in your employer or investing in venture capital trusts.

Not all of the ideas will be relevant to you, your family or your business, however, where an idea is of interest, please contact us for a discussion on how this can form part of your tax-efficient plans for 2021/22 and the future. Alternatively, visit our Tax Services page.