With the 2020/21 tax year drawing to an end, it’s a good time to ensure that you are minimising your tax liabilities by maximising your reliefs and exemptions.
PKF Francis Clark has produced a personal tax year-end planning guide which runs through some simple housekeeping actions to get your tax affairs in shape for the coming year.
Tax advice isn’t just for the very wealthy or those with complex affairs – some very simple and basic rearrangements of your finances can result in savings. Not just for you either, understanding inheritance tax can help ensure your loved one’s inheritance is protected. We are not speaking here about the type of complex ‘schemes’ that HMRC is likely to challenge, but simple uncontentious measures such as utilising tax-free allowances and checking whether it would be favourable to transfer assets to your spouse or civil partner, or to make further pension contributions, to ensure that you minimise any tax payable. PKF Francis Clark specialises in advising its clients on simple measures to ensure they pay the correct amount of tax.
Please speak to your usual PKF Francis Clark adviser if you would like more information on any of the topics covered.