With the end to the current tax year on the horizon, it is important to give consideration and to utilise all the tax reliefs and allowances available before 5 April 2021 in order to minimise your tax liabilities. It is also an ideal opportunity to take a wider review of your circumstances and plan for the year ahead. There is currently a focus in the media that the budget on 3 March 2021 will look to raise taxes in certain areas, not to mention National Insurance Contributions for the Self-Employed, adding to the importance to utilise all current allowances and reliefs available. It is crucial that year-end tax planning reviews are undertaken as soon as possible, as you will need time to consider all options available, as many of the allowances and reliefs cannot be applied retrospectively after 5 April 2021. The attached Guide outlines some of the tax issues that you should now be considering, to ensure you utilise the maximum tax savings as possible and all reliefs and allowances available are being fully utilised, but please bear in mind that this only provides a summary of the options you should be considering and not all options will be suitable for everyone. #periacoinsights #taxadvice #taxreturns #taxplanning
