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Tax Year End – 2020/2021

On the 5th April 2021, we will see another tax year pass. So before it does, we wanted to bring some topics to your attention that may be useful.

Things to consider doing before the tax year end 5th April 2021;

  • Annual inheritance tax gifts exemption – Make gifts of up to £3,000 which is IHT free and reduces the size of your estate for IHT purposes.

  • Claim back any overpaid tax for the past 5 tax years (from 2016/17 – present).

  • Make the maximum tax allowable pension contribution available to you.

  • Annual capital gains tax allowance of £12,300 – Sell, gift shares or gift interest in a property as it cannot be carried forward to future tax years.

  • Dividend allowance of £2,000 – Pay yourself a dividend if you have a company.

  • If you are an individual, you can transfer up to 10% of your unused personal allowance to a spouse providing they are a basic rate taxpayer.

As of the 6th April 2021, our clients who have person tax returns to complete for the 2020/2021 tax year can start sending us their information.

A reminder will be sent in the coming weeks regarding personal tax returns, with what information we will need from you and our deadlines.

Many thanks,

Adderley, Hill & Co Team.

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