In preparation for the current fiscal year-end, we have provided a checklist of some planning opportunities that you may wish to consider. Whilst the list should provide some assistance, it is only a high-level summary of potential options, and any tax planning will be bespoke depending on your personal circumstances. To find out more or discuss any of the options, please liaise with your usual Williamson & Croft contact.

  • Is there any potential to transfer income-generating assets (property, savings, shares etc.) to your spouse/civil partner to utilise allowances or lower tax rates?
  • Is there any potential to exchange salary for benefits or pension contributions?
  • Have you utilised any available allowances such as dividend allowance, personal savings allowance, and marriage allowances?
  • Do you have a personal property portfolio and is there any benefit of incorporating?
  • Have both yours and family members estates been reviewed in relation to Inheritance Tax (IHT)?
  • Do your parents expect to have an Inheritance Tax exposure or care home fee payments in the future and wish to mitigate the liability?
  • Is your will up to date, would you like to speak with us regarding making your estate tax-efficient and/or speak with a solicitor?
  • Are your children over 18 and do you wish to assist with their expenses tax-efficiently rather than paying out of your own income?
  • Is your pension pot expected to exceed the lifetime allowance of £1,073,100 (2020/21)?
  • Have you considered whether your children can make pension contributions? Net contributions of £2,880 per year are generally available and the pension pot claims an additional 20% (£720).
  • Have you used your annual pension allowance (£40,000 per annum and, potentially, any unused amounts from the last 3 years)?
  • Have you considered SEIS/EIS/VCT investments which can provide up to 50% income tax relief on the amount invested along with the potential for capital gains deferral and tax-free gains on disposal?
  • Would you like to speak with a financial advisor regarding your affairs?
  • Is your mortgage on the lowest rate, would you like to speak with a mortgage broker?

As always, if you would like any further information regarding your year-end planning, please feel free to contact our offices by email