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TAX PLANNING IN UK
EXPLORING TAX PLANNING OPPORTUNITES
Tax planning is a critical component of financial management that ensures you get the most out of your hard-earned money. We provide insights into effective tax methods that are compliant with UK rules.
With the appropriate strategy, you may reduce your tax bills, profit from allowances and reliefs, and eventually improve your financial situation. Our tax planning knowledge enables us to provide advice on a wide range of issues, from income tax to inheritance tax and beyond.
Whether you're an individual or a business, our personalised counsel can help you manage the complexity of the tax code. Allow us to assist you in making better financial decisions and saving more.
Are you ready to optimise your taxes? Contact our financial advisers for experienced advice. You can also check out our FAQ's here. Be sure to visit our homepage for a snapshot of all areas of financial advice we offer in Somerset and the South West.
Income Tax Optimisation
Maximising your personal allowances and understanding tax bands can have a major impact on your take-home pay. We provide ways to ensure that you do not pay more taxes than necessary. This provides tips on how to:
Use your personal allowance, which is the amount of money you can earn tax-free each year.
Understand and take advantage of the various tax brackets, keeping track of when higher rates will apply.
Transfer unused allowances between spouses to reduce the total tax burden.
Invest in tax-efficient vehicles to boost your earnings.
We offer recommendations on:
Individual Savings Accounts (ISAs) allow you to earn interest tax-free.
Investing in pensions might minimise your taxable income while increasing your retirement savings.
Considering other investment options like Venture Capital Trusts (VCTs) or Enterprise Investment Schemes (EIS) that offer tax reliefs.
When it comes to self-assessment and tax returns, our advice ensures you:
Report your income accurately and claim all allowable deductions.
Understand the deadlines to avoid penalties for late submissions.
Plan ahead for any upcoming tax obligations to help you manage cash flow more effectively.
Our skilled advisers are here to assist you manage the complexity of income tax, allowing you to keep more of your earnings.
Capital Gains Tax Planning
Capital Gains Tax (CGT) can apply when you sell or dispose of an item that has gained in value. Our guidance focuses on how to use exemptions and reliefs to reduce CGT, such as:
Using the yearly tax-free allowance, which allows you to realise gains up to a specific amount without paying tax.
Claim reliefs such as Private Residence Relief for the sale of your property or Entrepreneurs' Relief for business assets.
To lower your taxable amount, offset losses against gains.
When considering property and investment sales, we guide you through:
Time your disposals to coincide with tax years and allowances.
Understanding the repercussions of selling investment properties rather than primary residences.
Structure your investments to take advantage of lower CGT rates whenever they are available.
For asset transfers and disposals, our planning provides:
Advice on donating assets to family members, including potential CGT implications.
Strategies for transferring corporate assets while avoiding tax liability.
Planning the disposal of valuable goods such as art or antiques.
Our goal is to assist you confidently navigate the CGT landscape, so you can make informed decisions that match with your financial objectives. Get in touch right away to develop a strategy.
Inheritance Tax and Estate Planning
Inheritance tax (IHT) has a substantial impact on the legacy you leave behind. Our estate planning knowledge can help you implement measures that reduce IHT liabilities, such as:
Making use of gift allowances and exemptions to transfer wealth throughout your lifetime.
Organising your estate to benefit from the nil-rate band and home nil-rate band.
Consider life insurance plans written in trust to cover prospective IHT expenses.
We also provide options for gifting and trusts, which are powerful tools in estate planning.
Setting up trusts to manage how your assets are distributed after you pass away.
Utilising different types of trusts to achieve specific goals, such as providing for a spouse while preserving the inheritance for children.
Understanding the tax implications of gifting assets to family members or charities.
Our family business and asset preservation planning services include:
Providing advice on family company succession to enable a smooth transition while minimising tax implications.
Developing asset protection and growth strategies while keeping your estate's long-term goals in mind.
Working with legal professionals to develop comprehensive wills and estate strategies.
Don't allow taxes to deplete the wealth you've worked so hard to accumulate. Contact us immediately for a thorough assessment of your estate strategy. Our financial advisors are here to help you safeguard your legacy and provide peace of mind for you and your loved ones.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
For specialist tax advice, please refer to an accountant or tax specialist
Don’t invest unless you’re prepared to lose all the money you invest. Venture Capital Trusts and Enterprise Investment Schemes are high-risk investments. You may not be able to access your money easily and are unlikely to be protected if something goes wrong.
Get In Touch
Send us a quick message with a little detail of what you would like help with. We'll get back to you quicker than you can say supercalifragilisticexpialidocious!