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Kirk Rice Blog

Start your tax planning early – 50 Tax TipsWritten on May 18, 2021 by Kirk Rice LLP

Start your tax planning early – 50 Tax Tips

As summer approaches, it feels as if more positive times are on the way: businesses, restaurants and leisure activities are reopening; the government has announced it is lifting the requirement to wear masks in secondary schools and some holidays abroad may be on the cards. The vaccine delivery programme has had the desired effect, with nearly one-third of the adult population now fully vaccinated with two doses. Although the next few months will require a cautious approach, we are hopefully around the middle of the end to this crisis.

But of course, with this commitment to opening up the country and the economy again comes the realisation that the unprecedented levels of government expenditure need to be accounted for. The opening up of business support funding in the Budget to more industries according to need and the extension of the 100% business rates relief to the end of June 2021, with a reduction in the rate continuing into 2022, offer immediate lifelines but taxpayers will know that these schemes must be funded.

The stealth taxes introduced in the Chancellor’s Spring Budget are just the start of his long-term repayment plan, and taxpayers across the country are likely to feel the impact of frozen thresholds very soon.

In our guide to 50 Tax Tips for 2021/22, we cover a range of ways that you can manage your tax planning across personal and family planning, savings and investments, property, retirement, estate planning, business and employment and overseas issues.

With worked examples and hints, you’ll find useful guidance and strategies to help you make your tax planning decisions even in these difficult times, minimising your tax and maximising your opportunities. We offer strategies to people affected by the pandemic, whether they are due to retire or have a reduced income due to furlough, and if your business has been forced to shut down its activity due to Covid-19 we highlight how to offset losses until you are able to pick up again.

50 TAX TIPS

 

Do get in touch if you would like to discuss how any of these tax tips might apply to you, email info@kirkrice.co.uk or call 01344 875 000.

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