Time to consider your options

As we approach the beginning of the next fiscal year, from April 2022 to March 2023, what options do you have to rethink your planning options for your personal and business finances?

The list that follows is not exhaustive, but it does outline some of the opportunities you have to reconsider your options.

Personal finances

  • Funding your retirement – could you increase payments to meet the likely increases in the cost of living if inflation is set to become a feature in the coming years?
  • Why multiple income streams make sense – considering various options for creating new income streams.
  • Estate planning – consideration of inheritance tax issues, and should you reconsider your Will and/or powers of attorney?
  • Wealth management – when was the last time you calculated your personal net worth and considered any asset holdings that would be subject to capital gains tax if sold?
  • Family issues – reconsider ownership of income producing assets within the family to reduce your family tax footprint.

 

Business development and tax planning

  • Working from home – have you claimed for any additional costs of running your business or being required to work from home. What are the tax disadvantages and advantages of building a bespoke garden office or extension at home?
  • Tax-free perks – are you taking advantage of tax-free, ‘trivial’ payments?
  • Extracting company profits – if your circumstances – business or personal – are changing, should you reconsider the way you extract funds for personal use from your company?
  • A new business – like to plan to develop a new business?
  • Business exit plan – time to create or review your business exit plans?
  • How will HMRC’s Making Tax Digital changes affect you? – getting ready for the need to file quarterly tax and VAT returns.
  • The benefits of real-time data – adopting and benefitting from the use of cloud-based accounts software.
  • When to incorporate your business – the commercial and tax benefits of a corporate structure.
  • When to incorporate a property business
  • Planning for corporation tax increase April 2023
  • Planning for change to self-employed basis period rules
  • Benefits of converting to electric vehicles
  • Reviewing salary sacrifice arrangements

 

We can help

If you are interested in discussing your options regarding any of the above issues, please call.

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