COUNTDOWN TO TAX YEAR END
“In this world, nothing is certain except death and taxes.”
Foreword by Menzies Private Client Partner David Truman
Benjamin Franklin’s worldly observation remains as true today as it did in the 18th century. While the Chancellor of the Exchequer is looking to reduce the tax gap, there are nonetheless still opportunities to review your financial arrangements for saving tax before the tax year-end on 5th April 2019.
Taking action now may give you the opportunity to take advantage of any remaining reliefs, allowances and exemptions. At the same time, you should be considering whether there are any relevant elections that you need to make before the start of the new tax year, and before the chance to do so is lost.
Tax Year End Planning Checklist
With the end of the tax year fast approaching, time is running out for you to maximise the 2018/19 tax year allowances. To ensure you have done all you can when it comes to tax planning Menzies have complied a Year End Tax Planner Guide which addresses the following list of things that individuals, families and business might want to look at:
- Income tax
- Capital Gains Tax (CGT)
- Inheritance tax
- Making Tax Digital for Business: VAT
- Non-UK Domiciliaries
- International and offshore residency rules
How to use this tax planner
Take a few moments to review this planner, in which we highlight some simple tax planning strategies which could help you structure your affairs in such a way to help reduce your exposure to tax. Unless otherwise specified, the tax rates used are for the 2018/19 tax year to 5 April 2019.
It should also be noted that from 6 April 2018 different rates of income tax have applied in Scotland. These are not taken into account.
Use the options on the left hand side or the navigation buttons at the base of this page to cycle through each section of this tax planner. Each part of our Tax Planner, includes expandable sections to allow you to review the content that matters to you.
Menzies Private Client Team
Personal tax planning can be complex. We would always recommend that you seek professional advice when undertaking a review to ensure all changes are processed and managed effectively. Please do speak with your Menzies contact who will be delighted to meet with you to discuss ideas, opportunities and the appropriate action.