tax-planning-checklist

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mohitagw15856/pm-claude-skillsFinance & FintechAudit pendingSnapshot 2974c4319754

Summary

This source did not publish a separate summary. Review SKILL.md before using the skill.

SKILL.md

Tax Planning Checklist Skill

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.

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.

Required Inputs

Ask the user for these if not provided:

Entity type (individual / sole trader / limited company / partnership / trust)
Jurisdiction (UK / US / EU / Other — defaults to UK if unspecified)
Approximate income or revenue (to identify relevant thresholds)
Key concerns (optional — e.g. capital gains, pension, inheritance, R&D credits)
Time horizon (year-end planning / ongoing / specific event like sale or exit)

Output Structure

Tax Planning Checklist — [Entity Type] — [Tax Year / Period]

Jurisdiction: [UK / US / Other] Entity type: [Individual / Limited company / etc.] Key thresholds to note: [List relevant tax-year thresholds — e.g. personal allowance, basic rate band, VAT threshold]

Section 1: Income and Allowances

Personal allowance fully utilised? (UK: £12,570 — check if taper applies above £100k income)
Dividend allowance used where relevant? (UK: £500 2024/25)
Savings interest allowance reviewed?
Salary/dividend split optimised for owner-managed companies?
Any income timing opportunities before year-end?

Spouse or partner allowances — any transfer or use opportunities?

Section 2: Pension and Retirement

Annual pension allowance assessed? (UK: £60,000 or 100% of earnings, whichever lower)
Carry forward of unused annual allowances from prior 3 years checked?
Company pension contributions reviewed (corporation tax deductible)?
Salary sacrifice arrangements in place or reviewed?
Lifetime allowance implications assessed? (UK: abolished April 2024 — but transitional protections still relevant for some)

Section 3: Capital Gains Tax

Annual CGT exempt amount used? (UK: £3,000 for 2024/25)
Crystallising gains before year-end to use exemption?
Loss harvesting opportunities reviewed?
Business Asset Disposal Relief (BADR) eligibility checked for business sales?
EIS / SEIS investments reviewed for CGT deferral?
Bed-and-ISA / bed-and-SIPP opportunities assessed?

Section 4: Business Reliefs (UK Limited Companies)

R&D tax credit eligibility reviewed? (SME scheme vs RDEC depending on size)
Capital allowances claimed on qualifying expenditure?
Annual Investment Allowance (AIA) utilised? (UK: £1m)
Patent Box relief explored for IP-derived profits?
Employment Allowance claimed?
Entrepreneurs' Relief / BADR reviewed for shareholding structure?
Loss reliefs utilised or carried forward optimally?

Section 5: VAT

VAT registration threshold monitored? (UK: £90,000 rolling 12 months)
Flat rate scheme vs standard accounting reviewed?
Partial exemption position reviewed if relevant?
VAT on property or mixed-use assets checked?

Section 6: Inheritance Tax and Estate Planning

Annual gifting allowances used? (UK: £3,000 per person per year)
Business property relief and agricultural property relief eligibility?
Trust structures reviewed for IHT efficiency?
Life insurance written in trust to prevent estate inclusion?
Nil rate band and residence nil rate band utilised optimally?

Section 7: ISAs and Tax-Efficient Wrappers

ISA allowance fully subscribed? (UK: £20,000 per person 2024/25)
Junior ISAs for children considered?
Venture Capital Trusts (VCT) or EIS investments considered for income tax relief?
Lifetime ISA (LISA) reviewed for eligible individuals?

Year-End Action Summary

Based on the above, prioritise these before year-end:

Action	Potential saving	Deadline	Adviser needed?
[Action]	[£ estimate or "significant"]	[Date]	Yes / No

Quality Checks

Jurisdiction confirmed before applying any thresholds or rules
Year-end deadlines identified for time-sensitive opportunities
High-impact items prioritised (not just a long undifferentiated list)
Disclaimer is prominent — this is a framework, not tax advice
Threshold figures are flagged as requiring verification for current tax year

Anti-Patterns

Do not provide specific tax advice — always recommend qualified tax advice and note this prominently
Do not present threshold figures as definitive without noting they require verification for the current tax year
Do not produce a generic checklist without tailoring it to the entity type (individual, sole trader, limited company)
Do not omit timing-critical items — some reliefs require action before year-end and deadlines must be called out
Do not conflate UK and non-UK tax rules — clarify jurisdiction before generating any checklist

Example Trigger Phrases

"Give me a tax planning checklist for [year-end / my situation]"
"What tax reliefs should I consider as a [sole trader / limited company / individual]?"
"Review my tax efficiency before the end of the tax year"
"What should I check for my year-end tax planning?"