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The coronavirus (COVID-19) pandemic has undoubtedly taken its toll on the UK economy, creating unprecedented challenges for businesses and individuals. As a result, taxpayers are advised to keep their affairs up to date. It is more important than ever to plan ahead and make sure you are using the reliefs available to you.
This guide is designed to help you to make the most of your business and your personal finances by highlighting the main tax allowances and incentives and suggesting strategies that you might wish to incorporate into your own financial planning.
Of course, minimising your tax liability represents just one element of your overall planning strategy. Every individual and business situation is different and your needs will vary according to your own specific circumstances. We recommend that you use this guide as a starting point, and contact us for expert, tailored advice on any areas which apply to you.
As your advisers, we can help you to clarify your wider objectives, and suggest a range of strategies to help you achieve your personal and business goals.
How to benefit from our services:
Please read those chapters which are relevant to you as soon as possible.
y Take note of the key points arising from this guide, and any action you may wish to consider
y Contact us to discuss your action points, and to evaluate your long-term financial plans.
We would welcome the opportunity to assist you.
Contents
Page
Introduction
2
Personal tax essentials
3
Business tax strategies
4
Tax and employment
9
Business exit strategies
12
Personal and family financial strategies
14
Retirement planning strategies
16
Savings and investment strategies
18
Tax-efficient estate planning
20
Key planning points
23
Tax Calendar
24
The general effect of the Civil Partnership Act is to treat registered civil partners on a consistent basis with married couples. For the purposes of this guide we have on occasions referred only to spouses.
‘HMRC’ refers to HM Revenue & Customs.
This guide is based on current understanding of legislation and the government’s proposals at the time of publication and under no circumstances should action be taken without first seeking appropriate professional advice.
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