A reminder that in just a few months the present tax year closes, 5 April 2020.
After this date, a whole raft of 2019-20 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 a 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 here. Each person’s financial affairs are to some extent unique.
If you have not yet considered your options, please call so we can act before it’s too late.
If you would like to discuss this article in more depth, please contact DSC Accountants in Skipton on 01756 691065, Harrogate on 01423 560547 or Leeds on 0113 243 3559.