The end of the tax year cometh right soon..
We are moving closer to the end of the current tax year – 2020-21 – and as we have mentioned in previous posts on this blog, the opportunity to take advantage of perfectly legal tax planning opportunities expires once the year end date passes: 5 April 2021.
If you are an existing THP client, in order to capitalise on all tax planning opportunities, we need to know if your circumstances have changed since our last meeting or conversation. The sort of information we need to know includes:
If you are in business
- Are your profits increasing or decreasing as compared to the previous trading period?
- Have you recently committed to, or undertaken a significant investment in new or second-hand plant of other equipment?
- Have you disposed of existing plant or other equipment?
- If you run a property business have you purchased or sold property this year?
- If your property business is intended to benefit from the tax advantages of a Furnished Holiday Lets business, have you checked that your occupancy is on track to qualify for this tax year?
- Have you, or will you be, acquiring or selling a business?
If you are a higher rate tax payer
- Is your income approaching £100,000 for the first time?
- What pension arrangements have you committed to this year?
- Have you made, or will you be making significant charitable contributions?
- Has your marital status changed?
- Have you bought or sold a property in addition to your main residence?
- Have you bought or sold any other assets that are subject to capital gains tax?
- Has the taxable value of your estate increased this year?
- Do you need to reconsider your Will due to family changes?
- Do you need to reconsider any existing trust arrangements?
- Have you made any significant gifts? Should you provide for the possible IHT consequences?
- Have you taken advantage of the various IHT reliefs available?
Essentially, we need to know what has changed, or is likely to change well before 5 April 2021, so that we can assess your options to mitigate any tax consequences. Occasionally, we can also advise on a change in your future intentions to give you a more effective tax result. The purpose of this post is to invite you to keep in touch; only if we know what your current circumstances and intentions are, can we do the best for you and maximise your savings! Contact the team at THP Chartered Accountants in Wanstead, Cheam, Saffron Walden, and Chelmsford today.
About Mark Ingle
Owner-manager business specialist, Mark Ingle is key to building relationships with clients at the Chelmsford office. “I like to see clients enterprises grow and succeed.” Mark explains, “The team here has a lot to offer and I can see a lot of new businesses responding to that.”
Having worked for accountancy practices in London and Essex, Mark has worked with a range of companies varying in size. For Mark, THP stands out for its “local firm approach with the resources of a larger practice.”
Although a keen traveller, Mark is focused on giving his clients at THP the highest service, “Right now, I aim to help the clients we have to the best of my ability which will help me attract more of the right clients in the future.”
Mark’s specialist skills:
- Annual and Management Accounts
- Tax and VAT
- Strategy and Business Planning
- Marketing and Sales
- Business Development