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name: tax-planning-checklist
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description: "Generate a structured tax planning checklist and review framework for any individual or business context. Use when asked to review tax planning, prepare for year-end tax, check tax efficiency, or identify tax-saving opportunities. Produces a checklist of considerations, common reliefs, and a review framework. Not a substitute for qualified tax advice."
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---
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# Tax Planning Checklist Skill
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Produces a structured tax planning review framework — identifying common reliefs, year-end planning opportunities, and potential gaps. Always recommend a qualified tax adviser for implementation.
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WARNING: Tax law changes frequently and varies by jurisdiction. This checklist produces a framework for discussion, not tax advice. Always verify with a qualified accountant or tax adviser before taking action.
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## Required Inputs
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Ask the user for these if not provided:
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- **Entity type** (individual / sole trader / limited company / partnership / trust)
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- **Jurisdiction** (UK / US / EU / Other — defaults to UK if unspecified)
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- **Approximate income or revenue** (to identify relevant thresholds)
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- **Key concerns** (optional — e.g. capital gains, pension, inheritance, R&D credits)
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- **Time horizon** (year-end planning / ongoing / specific event like sale or exit)
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## Output Structure
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---
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# Tax Planning Checklist — [Entity Type] — [Tax Year / Period]
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**Jurisdiction:** [UK / US / Other]
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**Entity type:** [Individual / Limited company / etc.]
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**Key thresholds to note:** [List relevant tax-year thresholds — e.g. personal allowance, basic rate band, VAT threshold]
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---
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## Section 1: Income and Allowances
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- [ ] Personal allowance fully utilised? (UK: £12,570 — check if taper applies above £100k income)
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- [ ] Dividend allowance used where relevant? (UK: £500 2024/25)
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- [ ] Savings interest allowance reviewed?
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- [ ] Salary/dividend split optimised for owner-managed companies?
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- [ ] Any income timing opportunities before year-end?
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- [ ] Spouse or partner allowances — any transfer or use opportunities?
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---
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## Section 2: Pension and Retirement
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- [ ] Annual pension allowance assessed? (UK: £60,000 or 100% of earnings, whichever lower)
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- [ ] Carry forward of unused annual allowances from prior 3 years checked?
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- [ ] Company pension contributions reviewed (corporation tax deductible)?
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- [ ] Salary sacrifice arrangements in place or reviewed?
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- [ ] Lifetime allowance implications assessed? (UK: abolished April 2024 — but transitional protections still relevant for some)
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---
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## Section 3: Capital Gains Tax
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- [ ] Annual CGT exempt amount used? (UK: £3,000 for 2024/25)
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- [ ] Crystallising gains before year-end to use exemption?
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- [ ] Loss harvesting opportunities reviewed?
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- [ ] Business Asset Disposal Relief (BADR) eligibility checked for business sales?
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- [ ] EIS / SEIS investments reviewed for CGT deferral?
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- [ ] Bed-and-ISA / bed-and-SIPP opportunities assessed?
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---
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## Section 4: Business Reliefs (UK Limited Companies)
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- [ ] R&D tax credit eligibility reviewed? (SME scheme vs RDEC depending on size)
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- [ ] Capital allowances claimed on qualifying expenditure?
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- [ ] Annual Investment Allowance (AIA) utilised? (UK: £1m)
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- [ ] Patent Box relief explored for IP-derived profits?
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- [ ] Employment Allowance claimed?
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- [ ] Entrepreneurs' Relief / BADR reviewed for shareholding structure?
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- [ ] Loss reliefs utilised or carried forward optimally?
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---
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## Section 5: VAT
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- [ ] VAT registration threshold monitored? (UK: £90,000 rolling 12 months)
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- [ ] Flat rate scheme vs standard accounting reviewed?
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- [ ] Partial exemption position reviewed if relevant?
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- [ ] VAT on property or mixed-use assets checked?
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---
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## Section 6: Inheritance Tax and Estate Planning
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- [ ] Annual gifting allowances used? (UK: £3,000 per person per year)
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- [ ] Business property relief and agricultural property relief eligibility?
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- [ ] Trust structures reviewed for IHT efficiency?
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- [ ] Life insurance written in trust to prevent estate inclusion?
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- [ ] Nil rate band and residence nil rate band utilised optimally?
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---
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## Section 7: ISAs and Tax-Efficient Wrappers
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- [ ] ISA allowance fully subscribed? (UK: £20,000 per person 2024/25)
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- [ ] Junior ISAs for children considered?
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- [ ] Venture Capital Trusts (VCT) or EIS investments considered for income tax relief?
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- [ ] Lifetime ISA (LISA) reviewed for eligible individuals?
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---
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## Year-End Action Summary
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Based on the above, prioritise these before year-end:
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| Action | Potential saving | Deadline | Adviser needed? |
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|---|---|---|---|
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| [Action] | [£ estimate or "significant"] | [Date] | Yes / No |
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---
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## Quality Checks
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- [ ] Jurisdiction confirmed before applying any thresholds or rules
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- [ ] Year-end deadlines identified for time-sensitive opportunities
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- [ ] High-impact items prioritised (not just a long undifferentiated list)
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- [ ] Disclaimer is prominent — this is a framework, not tax advice
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- [ ] Threshold figures are flagged as requiring verification for current tax year
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## Example Trigger Phrases
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- "Give me a tax planning checklist for [year-end / my situation]"
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- "What tax reliefs should I consider as a [sole trader / limited company / individual]?"
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- "Review my tax efficiency before the end of the tax year"
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- "What should I check for my year-end tax planning?"
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mohitagw15856