Brace for more change
- Taxes and Wages are rising.
- Have you used all your basic rate band and dividend allowance for 2021/22?
- Check which benefits are tax-free for 2021/22 and, to avoid P11D issues on other benefits, meet the deadline for making good the benefit.
- Consider the tax incentives for electric or hybrid company cars.
- Review your mix of income from your company to utilise your savings allowance for 2021/22.
- Can you claim a tax deduction for working at home?
- Can you claim rent-a-room relief or the property allowance?
- Review the timing of asset acquisitions to maximise capital allowances.
- Review your borrowings to ensure a sustainable future for your let properties, particularly as interest rates are expected to rise soon.
- Can you transfer an income source to reduce your family’s total tax bill?
- Are tax-favoured investments worth discussing with your advisers, despite the risk?
- Consider topping up your NIC record by claiming NIC credits or paying voluntary contributions.
We recommend you undertake an annual review of your financial affairs to check that you are not paying more tax than you need to and whether the structures you set up in the past are still appropriate. Between now and the end of the tax year (5 April 2022) is a good time to assess whether you have claimed all the relevant allowances and are as well defended against high tax charges as you can be.
The personal circumstances of each individual must be taken into account in deciding whether any particular plan is suitable or advantageous – but these suggestions may give you some ideas. We are happy to discuss them with you in more detail.
If you wish to discuss any of the items within the article further, or simply for a sane voice to talk through growing your business to the next level, feel free to call us.