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As 5 April approaches, ANNETTE MORLEY suggests now is a good time to display tax-planning skills
KEY POINTS
- The value of tax reliefs will reduce with new limits and lower rates.
- Liaise with financial advisers to ensure that capital gains tax exemptions are not duplicated.
- Do not overlook National Insurance exception and deferral claim deadlines.
- Monitor the level of overdrawn loan accounts to avoid benefit in kind issues.
- Would tax advantageous investments be a suitable home for spare cash?
No sooner has the 31 January tax return filing deadline passed than we must start thinking about 5 April and the end of the tax year.
The temptation is to just get by with the minimum needed for compliance to ensure that clients do not incur penalties but how much better it might be if we took it as an “added value” opportunity and thought more...
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