Year End Tax Planning 2021/2022

Tax Planning Opportunities Reminder

As we move towards the end of the tax year it is important to consider whether full advantage has been taken of tax planning opportunities available to individuals. And if there are any actions which it is worth taking before 5th April.

Things to consider:

  • Has full advantage been taken of the pension annual allowance. Is there any carry forward allowance which may be about to expire. This can include for children and non working spouses although limited to £3,200 per annum
  • Has full advantage been taken of ISA allowances
  • Has the capital gains tax annual exemption been fully utilised including both annual exemptions available to a married couple
  • Is it appropriate to realise any capital losses to offset any capital gains which would otherwise be taxable
  • Has full use been made of the savings annual allowance, dividend allowance and lower rate bands. 
  • Has consideration been given to any charitable donations. It may be appropriate to make now if future income levels are likely to be lower than currently
  • Are there any IHT planning steps which should be taken before the end of the tax year. Such as the annual gift allowance and gifts out of surplus income which should be made annually.

Additional points for non UK domiciliaries to consider

Where the individual will reach a residence milestone such as 7 of 9 years and 12 of 14 years and 15 of 20 tax years, there may be transactions that can be undertaken in the current tax year. This may avoid the need for a remittance basis charge to be paid, or ensure that it it benefits from the remittance basis rather than being taxed on the arising basis as a deemed domiciled individual. 

Those who are newer to the UK should also consider whether they wish to make a capital loss election. The deadline for this is four years after the end of the tax year for which the remittance basis was first claimed. 

If you would like any advice on your year end tax planning please don’t hesitate to get in touch.

gillian has an excellent understanding of international tax matters

Which is absolutely vital for me as I am an EU national residing in the UK.

We were very pleased with the advice that everfair tax gave us

Thank you very much for all your kind help and assistance. We are extremely grateful that they followed on with notes of our telecon.

It was a stroke of good luck when we connected with the kind consultants at everfair tax

They proved to be invaluable as we found our way through a maze of forms pertaining to our particular dual citizenship tax issues, and brought up scenarios it hadn’t even occurred to us to consider.

I’d be happy to serve as a reference for any prospective clients.

Thanks to you and your team for all your efforts, which I greatly appreciate.

Everfair Tax offers a very professional service with extremely helpful staff

All my needs were met by their stellar team. I would be happy to recommend them to friends and family.

The team handling my US return were extremely pleasant

They were professional, helpful, polite, and very responsive. They always got back to me by email or set up a video call to explain matters. I would have no hesitation in recommending Everfair Tax to people I know.

The team at Everfair Tax have been a pleasure to work with

The whole process has been very clear and efficient. I have been confident in recommending their services to my colleagues.

All timelines were met, and all questions were answered punctually

My tax situation was complex, but it was well understood by Everfair Tax. I can see this expertise is borne by strong experience.

Everfair Tax has been outstanding in their services and their client care

Everfair Tax has been quick and efficient in responding to my inquiries, providing me with information, and setting up meetings. They have been helpful and clear in their explanations of tax matters and my particular liabilities.

News

For updates featuring tax changes, reminders for deadlines, pointers on how to maximise your accounts, and information on Everfair Tax and their activities: you need look no further than our news & resources pages.

View More

Contact Us

Need some UK, US or International advice?
Contact us now & we will get back to you as soon as we can

  • This field is for validation purposes and should be left unchanged.

Weybridge Office

No. 5 The Heights, Wellington Way,
Weybridge, Surrey KT13 0NY

Tel: 01932 320 800

London Office

40 Gracechurch Street,
London, EC3V 0BT

Tel: 020 3949 5999
Email: info@everfairtax.co.uk

Find us on