Time is running out for tax planning 2019-2020

11 December, 2019

Time is running out for tax planning 2019-2020

After 5 April 2020, a whole raft of 2019-2020 tax planning options for individuals will cease to be available.

These cover a multitude of opportunities to reduce your liability to Income Tax, Capital Gains Tax and National Insurance. These opportunities include, but are not limited to:

  • Remuneration choices for director/shareholders of small companies,
  • Pension planning,
  • Tax effective gifts to charities,
  • Repaying certain benefits to employers – for example, repaying any private petrol provided,
  • Reviewing tax efficient use of investment allowances – planning capital expenditure,
  • Maximising use of the “trivial benefits” exemption,
  • Gifting income producing assets to spouse or civil partner,
  • Considering options if your total annual income is approaching £100,000 for the first time. Income over this figure will trigger a gradual reduction in your personal tax allowance.

We cannot list all of the available options you have for tax planning 2019-2020 here because each person’s financial affairs are unique. We just want to help you make sure you’re not overpaying on tax with expert financial planning for 2019-2020 and legitimately minimise your tax liability. We have the tax expertise to talk you through what might apply to your situation so you can plan intelligently, with practical ideas for individuals, families and company owners.

If you have not yet considered your options, why not get a FREE consultation from our tax planning team so we can act before it’s too late?
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Blog post by: Ian Marlow

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