Holding on for better times
The change of tax year was almost entirely obscured this April as the country came to terms with the impact of the Covid-19 outbreak on lives and livelihoods. Although the Budget on 11 March focused on the first round of measures designed to help meet the difficult demands of this unprecedented situation, it also contained a round of tax rate changes and additional legislative measures for both individuals and business that are still important.
While it feels anything but normal, there were some significant changes announced to some ordinary but important areas, including a revision of the pension annual allowances tapering rules for higher earners, a doubling of the Junior ISA allowance and significant cut to entrepreneurs’ relief.
In our 2020/21 guide to 50 tax tips, we cover the main changes that are likely to affect your tax planning across personal and family planning, savings and investments, property, retirement, estate planning, business and employment and overseas issues.
With some 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.
The focus is currently on working our way through the present crisis and hopefully coming out the other side able to resume something of our pre-Covid-19 lives. When that happens, there will still be traditional requirements to be met and useful options you can deploy.
Please get in touch with our Financial Services team on 0114 266 4432 or [email protected] to discuss any issues that you think may affect you.