Personal Tax Planning – keep your money in your pocket
With the tax regime becoming more complex and more emphasis being put on taxpayers’ individual responsibilities, everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet all the compliance requirements.
Although no-one likes paying tax, a number of recent high profile cases have hit the headlines where aggressive tax avoidance schemes have been used, resulting in significant public ill feeling.
Tax may be complex, but don’t let that deter you from your goal of keeping your taxes as low as possible. As personal tax specialists we can advise you on all areas of your tax including:
We can make sure you are making the most of the HMRC approved income tax breaks and also look at options that allow you to offset income tax and / or claim some or all of the tax you have paid back.
Capital Gains Tax (CGT)
Capital Gains tax is the tax you pay on the profit from the disposal of an asset. Minimising CGT is all about planning. Many people don’t realise that HM Revenue and Customs (HMRC) allow each person a fairly generous CGT allowance, however if this allowance is not used within the tax year it is lost. As a consequence, many people pay CGT they may it have needed to pay had they planned differently.
We can talk you through the many legitimate methods of avoiding or reducing CGT.
Inheritance Tax is arguably the cruellest tax of all. After a lifetime of paying taxes, for people above a certain level of personal wealth, your assets after death will be charged tax at a whopping 40% before they can be transferred to your loved ones.
Originally aimed at the very wealthy the increase in house prices means that we are seeing more and more ‘ordinary’ working families falling foul of this tax.
Planning early is crucial if you are to mitigate and reduce the burden of Inheritance Tax on your family.
We also can advise on Trusts and Estates and non-domiciliary tax issues.
To talk to us about your specific situation and the tax planning opportunities please contact us.