Year End Tax Planning for Individuals

Our personal tax planning guide is an aide memoire to help you ensure you have used all available reliefs and allowances and have identified possible opportunities to minimise your tax bill.

Many of the suggestions in this guide can be reviewed throughout the tax year, but as a tax year ends and a new one beckons there is a particular opportunity to review your tax affairs.

Key issues to watch out for include:

  • Utilising personal allowances
  • Using the annual capital gains tax and inheritance tax allowances
  • Maximising pension contributions
  • Using your annual ISA account allowance

Your particular circumstances must always be considered. As well as possible tax savings, account must be taken of health, age, marital status, children, and whether you intend to remain in the UK.

Tax rates and allowances quoted are for England and Wales; Scottish income tax rates and allowances can be different in some cases.

If you would like to discuss your tax affairs, please contact a member of our personal tax team.

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