Pre-Year End Checklist 2021
We’ve put together this pre-year end checklist of areas where you could benefit financially.
2020/2021 ISA allowance
- Have you or your family made your maximum ISA contribution of £20,000 per adult or £9,000 for children for 2020/21?
Pension contributions
- Have you utilised your Annual Allowance for pension purposes (up to £40,000, as well as using any brought forward utilised amounts for the 3 previous years?
- Have you considered pension contributions for none-earning family members?
Tax efficient investments
- Have you considered using your EIS / SEIS /VCT investment allowances?
Maintaining your personal allowance
- If your income is just over £100,000 have you considered reducing your income with pension contributions or charitable donations?
Dividend allowance
- Have you declared dividends of at least £2,000 to utilise all shareholders’ dividend allowances?
Capital Gains Tax (CGT) planning
- Have you used your CGT annual allowance or generated losses to cover gains?
- Have you rebased your investments with “Bed and ISA” and “Bed and Spouse”?
Inheritance Tax (IHT)
- Have you made any annual gifts allowances of £3,000 and small gifts £250?
- Have you considered gifts out of income?
- Have you considered creating Trusts?
- Are your wills up-to-date?
Moving the rate bands & equalising income and assets between spouses
- Consider pension contribution
- Gift aid
- Charity Donations
Using children’s allowances
- Junior ISA £9,000
- Junior SSIP £2,880
- Personal allowances
Benefits in kind
This is an ideal time to assess tax effective benefits in kind for the forthcoming tax year
- Electric cars
- Interest free loans up to £10,000
- Home as office up to £6 per week
- Mobile phone
- Uniforms
- Mileage allowances up to 25p per mile on 10,000 miles
- Health screening
- Childcare vouchers
- Provision of bike
- Long service awards
