{"id":264,"date":"2017-11-22T00:00:00","date_gmt":"2017-11-22T00:00:00","guid":{"rendered":"http:\/\/duffyregan.co.uk\/index.php\/2017\/11\/22\/end-of-year-tax-planning\/"},"modified":"2017-11-22T00:00:00","modified_gmt":"2017-11-22T00:00:00","slug":"end-of-year-tax-planning","status":"publish","type":"post","link":"http:\/\/duffyregan.co.uk\/index.php\/2017\/11\/22\/end-of-year-tax-planning\/","title":{"rendered":"End of year tax planning"},"content":{"rendered":"<p>We are moving closer to the end of the current tax year &ndash; 2017-18 &ndash; and as we have mentioned in previous posts on this blog, the opportunity to take advantage of perfectly legal tax planning opportunities expires once the year end date passes: 5 April 2018.<\/p>\n<p>To capitalise on these opportunities, we need to know if your circumstances have changed since our last conversation on these matters. The sort of information we need to know includes:<\/p>\n<p><strong>If you are in business<\/strong><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>Are your profits increasing or decreasing as compared to the previous trading period?<\/li>\n<li>Have you recently committed to, or undertaken a significant investment in new or second-hand plant of other equipment?<\/li>\n<li>Have you disposed of existing plant or other equipment?<\/li>\n<li>If you run a property business have you purchased or sold property this year?<\/li>\n<li>If your property business is intended to benefit from the tax advantages of a Furnished Holiday Lets business, have you checked that your occupancy is on track to qualify for this tax year?<\/li>\n<li>Have you, or will you be, acquiring or selling a business during 2017-18?<\/li>\n<\/ul>\n<p><strong>If you are a higher rate tax payer<\/strong><\/p>\n<ul>\n<li>Is your income approaching &pound;100,000 for the first time?<\/li>\n<li>What pension arrangements have you committed to this year?<\/li>\n<li>Have you made, or will you be making significant charitable contributions?<\/li>\n<li>Has your marital status changed?<\/li>\n<li>Have you bought or sold a property in addition to your main residence?<\/li>\n<li>Have you bought or sold any other assets that are subject to capital gains tax?<\/li>\n<\/ul>\n<p><strong>Estate planning:<\/strong><\/p>\n<ul>\n<li>Has the taxable value of your estate increased this year?<\/li>\n<li>Do you need to reconsider your Will due to family changes?<\/li>\n<li>Do you need to reconsider any existing trust arrangements?<\/li>\n<li>Have you made any significant gifts? Should you provide for the possible IHT consequences?<\/li>\n<li>Have you taken advantage of the various IHT reliefs available for 2017-18?<\/li>\n<\/ul>\n<p>Essentially, we need to know what has changed, or is likely to change before 5 April 2018, so that we can assess your options to mitigate any tax consequences. Occasionally, we can also advise on a change in your future intentions to give you a more effective tax result. The purpose of this post is to invite you to keep in touch; if we know what your intentions are, we can advise accordingly.<\/p>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>We are moving closer to the end of the current tax year &ndash; 2017-18 &ndash; and as we have mentioned in previous posts on this blog, the opportunity to take advantage of perfectly legal tax planning opportunities expires once the year end date passes: 5 April 2018. To capitalise on these opportunities, we need to [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-264","post","type-post","status-publish","format-standard","hentry","category-uncategorised"],"_links":{"self":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=264"}],"version-history":[{"count":0,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/264\/revisions"}],"wp:attachment":[{"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=264"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/duffyregan.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}