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Guide to 2020/21 Year End Tax Planning

Do you want to keep more of your money to enjoy, invest, save or pass on – easy right? Tax planning never requires a one-size-fits-all approach. Each taxpayer and each year will be different. And with the end of the current 2020/21 tax year approaching on Monday 5 April 2021, now is the time to carry out a tax health check and implement any planning opportunities.

We should all be thinking about tax planning throughout the course of a year, but this year we have been distracted by the impact of the coronavirus (COVID-19) pandemic on our lives.

We have listed below a few reminders of the issues you may want to consider as worthy of including in your 2020/21 tax planning to-do list.

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Tax Relief and Pensions

Saving into a pension is one of the most tax efficient ways to save for your retirement. Not only do pensions enable you to grow your retirement savings largely free of tax, but they also provide tax relief on the contributions you make.

There are various complex pension allowances in place that you need to be aware of and understand how to make the most of them. These limit the amount of money you can contribute to a pension in a year, as well as the total amount of money you can build up in your pension accounts, while still enjoying the full tax benefits.

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