18 Point Tax Year End Checklist

Before the current tax year ends, it’s worthwhile asking yourself ‘have I utilised all tax allowances and exemptions available to me, my family, and/or business?’.

To help you we’ve outlined 18 opportunities that may be available for personal and for businesses if you act before the 5 April 2022 deadline.


  1. Could you transfer income-generating assets to your wife/husband? This could help to: minimise higher and additional rate taxation next year and maximise your tax-free savings and dividend income limits.
  2. Have you used this year’s ISA allowance (£20,000) before 5 April 2022?
  3. Have you made any tax-efficient investments including EIS, SEISSs, and VCTs before 5 April 2022?
  4. If your income is over £100,000, have you considered preserving your personal allowance by making additional charitable donations, or a one-off net pension contribution before 5 April 2022?
  5. If you are over 55, have you taken advice about the options for drawing your pension savings?  Further, if you are close to the Pension Lifetime Allowance, have you taken advice about the protections available to you?
  6. Are you investing enough into your pension? Are you maximising your pension contributions before 5 April 2022, including the unused annual pension allowance brought forward?
  7. Have you considered setting up and making contributions to a pension for your children or grandchildren, or making contributions to their Junior ISAs?
  8. Have you used your annual Capital Gains Tax (CGT) exempt amount by making any available disposals before 5 April 2022? Could you consider transferring some assets to your wife/husband prior to making disposals so that you can maximise the use of both partner’s annual exemptions?
  9. Property: should you hold residential investment property personally or in a company? The answer is usually: it depends, as there are many issues to consider. However, if you have not considered the pros and cons of personal vs ltd, you should get in touch with us to look at the implications in the context of your situation and future plans.
  10. Have you thought about how you will pass on your estate to the next generation or make gifts to use up your annual IHT exemptions?


  1. Business owners, have you considered the timing of dividends and bonuses in order to minimise your income tax liability this year?
  2. If funds are available, have you considered increasing the company’s pension contributions for the directors/business owners in order to obtain additional corporation/income tax reliefs?
  3. Are you about to make a significant capital purchase for your business? Have you considered the allowances and grants that may be available to you? If you are not sure, then get in touch with us and we will advise you on what support and tax reliefs and allowances may be available to you.
  4. If you are planning to make a business investment, have you considered the financing options available to you in order to spread: (a) the cost of investment and (b) when the tax payments will fall due?
  5. Up to 19 months delay on tax relief: Have you considered the timing of when you will receive tax relief on equipment purchases?
  6. Has your business undertaken R&D this year? If yes, you could be eligible for R&D Tax Credits.
  7. Staff: Have you considered applying various tax-exempt benefits available throughout the year?
  8. Are you planning to retire or realise the value of your business in the near future? If yes, you should find out what options are available now.

If you have questions related to your tax matters please do get in touch via info@ammu.uk