New Tax Year 6 April 2022 – Anything You Should Be Thinking of Doing for Income Tax and Capital Gains Tax Purposes?

The new tax year starts 6 April 2022. Once we are into the new tax year the majority of the tax planning options for Income Tax and Capital Gains Tax purposes in this financial year will cease. So you have only weeks to consider options and actions which may impact on this year’s tax bill.

Pensions

Don’t forget to review whether it might be worth topping up your pension contributions for tax year 2021-22

Purchases

If you are self-employed and are thinking about the purchase of equipment or vehicles, it might be worth you acting sooner rather than later.

Final dividends or bonuses

If you are the director and/or shareholder of a limited company and have not yet considered voting final dividends or bonuses for 2021-22, maybe now is a good time to act.

Personal status

If considering marriage, divorce or any legal relationship change, are you aware of how this might impact on your future tax planning?

We specialise in helping clients with all taxes including PAYE, NIC, VAT, Corporation, Capital Gains, Income and Inheritance tax. Get in touch with your usual Whittles contact if you want to discuss your tax planning options – but don’t forget if they are to apply to this year, you must act now.