Tax Planning

Tax planning is one of the key aspects of formulating a financial plan.

The main types of tax are:

• Tax on your earnings can have a major impact in the form of income tax and national insurance contributions as well as the corporation tax levied on a company’s profits. Planning can be very effective encompassing such areas as pensions and employee benefits and the use of alternative methods of drawing profits from your company. 
• Tax on your investments can erode a high proportion of your income and gains. Tax should not be the main driver of investment strategy, but planning can make a considerable different to our after-tax returns. 
• Tax on your estate can take up to 40% over and above the nil rate band.

No one is expected to pay more than their fair share of tax. It is perfectly legal to make use of your various allowances and to examine how legislation should apply to you to reduce taxes due to a minimum. It is normally straightforward to differentiate between tax avoidance and tax evasion.

Some people pay too much tax, or miss out on opportunities to reduce their tax.

We have created some extra information and resources for you on Tax Planning or contact us book an appointment to discuss your personal tax planning needs.