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 2022
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Tax planning is a year-round activity, but it takes on even more importance as the year end draws nearer.
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, to be in a strong position to take advantage of any opportunities that may arise in the future, and overcome any obstacles that may appear along the way.
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 2022. The next Budget will be on Wednesday 23rd March 2022 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.