Edwards Greene Tax Tips 2020

Personal and family planning Contents This content is for general information only and is not intended to be advice to any specific person. As with all tax planning, you are recommended to seek competent professional advice before taking or refraining from taking any action on the basis of the contents of this publication. The Financial Conduct Authority does not regulate tax advice, so it is outside the investment protection rules of the Financial Services and Markets Act and the Financial Services Compensation Scheme. This publication represents our understanding of law and HMRC practice as at 14 April 2020. All rights reserved. Businesses and individuals have come under great strain recently due to the Covid-19 crisis. The way we live and work has been changed, possibly for good. The tax and benefits systems have also been tested to their limits. It is likely that the second Budget for 2020, slated to be held in the Autumn, will increase taxes in many areas, potentially with immediate effect. These additional taxes will be needed to pay for the huge injection of funds into the economy the Government has made to keep businesses afloat and jobs open during the Covid-19 shutdown. In the meantime we should all comply with the tax rules as they exist, and be aware of the penalties which can apply for late or incorrect returns. There are also incentives within the tax system for positive behaviours, such as saving for retirement. This brief guide highlights 50 ways in which you can use certain tax reliefs to your advantage, and how to avoid some of the tax penalties. It can help you navigate the complexity of certain tax rules and create more tax-efficient plans. Introduction KEY GUIDE | April 2020 | Tax Planning Tips 2 Savings and investment Your property Retirement planning Estate planning Your business Employment and remuneration Overseas aspects