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26 February 2021

Year End Tax Strategies 2021 | NI & UK

FPM recognises the importance of tax planning as part of our clients’ overall financial planning. We are therefore pleased to release our NI | UK Year End Tax Strategies Guide for 2021 prepared by our Tax Department.

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Tax planning is a year-round activity, but it takes on even more importance as the year end draws nearer, especially this year with the extra cash flow and trading challenges created by Covid-19 and Brexit.

Taking appropriate action ahead of 5 April will help to ensure that you are able to make the most of the tax saving opportunities available to you and your business. Even small changes could give rise to significant tax costs or opportunities that you may not have considered.

In this guide we cover important areas, such as:

  • Your Business
  • Your Income
  • Your Property
  • Your Assets
  • Your Savings & Investment

We encourage you to keep your options flexible, be in a strong position to take advantage of any opportunities that may arise in the future, and mitigate against any shocks such as an unexpected global pandemic.

These may include:

  • taking advantage of the tax breaks available to you and your business.
  • planning to extract profits from your business tax-efficiently.
  • utilising tax-advantaged savings options (including pensions).
  • minimising the inheritance tax due on your estate.

Planning and careful timing are crucial. This guide contains some key points to consider ahead of the year end. The matters considered here will also be relevant throughout the following tax years unless we specify otherwise – or if the legislation changes – so keep referring to this guide throughout 2021. The next Budget will be on 3 March 2021 and any changes announced may affect your year – end planning. The Chancellor will need to ensure that any rise in taxes does not discourage economic activity.

We trust that this comprehensive user-friendly guide to tax in Northern Ireland and the UK will prove invaluable to you.

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As accountants and tax advisers, we can advise on how these changes will affect you, and suggest strategies to help boost your business’s profitability, reduce your tax liabilities and maximise your personal wealth. FPM’s Tax Division is made up of All Island Tax Specialists who are based both North and South of the Irish border. This means our Tax Team are experts on the intricacies and complex reporting requirements of both tax jurisdictions on the Island of Ireland, ensuring we provide the best possible advice to our clients.

Talk to us now for advice on making the most of the opportunities available to you and your business this year.

Contact Feargal

Feargal McCormack / Managing Director

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