Year End tax planning 2020/21

For more information on how RRL can help, please contact Tax Partner Steve Maggs, on 01872 276116 / 01736 339322 or steve.maggs@rrlcornwall.co.uk.

We are fast approaching the end of the tax year, which is the one period that most of us take more of an interest in our tax position, and review our options. Whilst we are in these uncertain times, this is still the case, and perhaps is magnified given the inextricable link between the many consequences of the pandemic on both personal financial positions, as well as on the public finances as a whole.

Please see our helpful guide (here) that prompts both a review of the current 2020/21 tax year, and of the position for future tax years to help you with this exercise. This acts as a broad overview, therefore please contact your usual RRL contact where you have questions, or need further information or advice.

The recent Budget did not include some significant changes (particularly around inheritance tax and capital gains tax) that we were expecting a few months before, however, we firmly believe further changes are coming. As experienced tax advisors in an advisory focused firm, it is our job to provide proactive tax advice in relation to the current position, as well as potential changes that we see on the horizon. The next date to watch out for an update from us in this regard is 23 March 2021 when HMRC are set to release a number of consultations documents relating to future tax policy. Such consultations in recent times have been less of a consultation process and more of a clear indication of changes to come, however, they obviously provide planning opportunities given the early indication of change.