Winter 2022 Newsletter

Newsletters

Simpson Wood | 28th January 2022

While we’re not yet at the end of the extraordinary experience of the last two years, the prime minister has signalled the end of plan B restrictions, allowing many business owners, not least from the beleaguered hospitality sector, a sigh of relief.

As we move towards the new tax year, however, tax threshold freezes and forthcoming tax increases are also upon us. In the first edition of our newsletter for 2022 we a look at a range of measures to help you manage your tax liabilities. Our feature focuses on inheritance tax planning following the government’s shelving of anticipated restructuring measures for IHT. We look at ways to reduce exposure to IHT and shield your inheritance, which can be less complex than you may think.

Year end is also round the corner, and we outline strategies for managing your tax bill in light of the 2022/23 tax raises and threshold freezes. Among those tax increases is the levy on national insurance contributions designed to help pay for social care. The Chancellor announced in October 2021 that the rules around paying for care in England are changing and we explain how people will be affected by the new payment cap.

 

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