Tax Planning

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Tax Planning

In respect of taxes, whether it’s income tax, inheritance tax, corporation tax, or VAT, it is prudent to ensure you aren’t paying more than you need to. Taxation can be very complicated and the rules, reliefs and allowances often change, so it’s important to make sure you are aware of the current laws to make sure you can manage your personal finances in a tax-efficient way.  By understanding how taxation works you should be better prepared to manage your finances, and could end up saving money in the long run.

We will be able to help you plan your taxes in advance, and come up with effective strategies that will use the reliefs and allowances to minimise the amount you have to pay. We can assess your financial situation, and look at your financial goals to come up with a suitable strategy for you.

The new changes to pensions are making tax planning with pensions more attractive because you have access to pension money post age 55 but more importantly you can pass personal pensions and defined contribution pensions on to your family (rules differ slightly pre and post retirement) but after April 2015 even pensions in payment can pass on to the next generation without the previous punitive tax charge of 55%.  It is now much more tax efficient and pensions due not usually fall into your estate for inheritance tax.  The tax benefits are significant and should be carefully considered as an option.