Tax year end allowances 2021/2022 - Use it or lose it
Автор: Financial Planning with Brighda Thomas
Загружено: 2022-03-04
Просмотров: 89
• Making pension contributions – this works as a really useful tax mitigator for those needing to reduce income tax liabilities, boost pension provision, and indeed those wishing to mitigate Inheritance Tax. You should review whether you have used your allowances fully before the tax year closes.
• Utilising your annual Individual Savings Account allowance – each of us has an allowance of up to £20,000 that we can invest and shelter our savings from tax. If you don’t use this it is lost. Don’t also forget that those under age 18 have a Junior ISA allowance available.
• Using your income tax personal allowance of £12,570 – for those with the opportunity to generate up to £12,570 of total taxable income, this should be used as no tax is liable on earnings up to this threshold.
• Use your annual Capital Gains Tax (CGT) allowance of £12,300 – again anyone with arrangements or assets subject to CGT you should consider, where possible, ensuring that you have used as much of your available allowance as possible.
• Using your annual dividend tax allowance of £2,000 – anyone able to use this should again consider doing so before the tax year end.
• Using your Inheritance Tax gifting allowances – everyone can gift up to £3,000 each tax year to others without this carrying a residual liability. Other allowances are also available which can be lost if not used before the tax year end.
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