Tax and Estate Planning

When is your ‘Tax Freedom’ day, the day in the year that The Adam Smith Institute names as when we finally stop earning to pay the tax man and start earning money for ourselves?

The fact that nearly half your income is being taken as tax might come as a bit of a shock – particularly given that basic rate tax is only 20%. This does not, however, account for the impact of VAT and National Insurance, which add to the Government take but are rarely considered in the same vein.

Our Tax Planning Service

It is not all bad news, however. There are a number of ways in which you can minimise the amount of tax you actually have to pay. Across virtually all the different tax regimes, there are allowances and reliefs which you can use to minimise your bill, legally and ethically.

There are income tax allowances, capital gains allowances, tax efficient savings plans and gift allowances, all of which, used wisely, can help you keep as much of your hard earned money as possible. All it takes is a little bit of planning to help ensure you do not miss out!

Our Tax Planning Service is designed to help you make a full assessment of your own situation. By comprehensively reviewing your assets, your objectives and your liabilities, we can help you minimise your liability to all taxes, not just income tax, but capital gains and inheritance tax.

This may include:

  • Helping you to understand your payslip and PAYE notice of coding, or assistance completing your self-assessment form
  • Investing in a pension and ensuring that you do not lose out on valuable money you are entitled to by way of tax relief
  • Using your ISA allowance each year
  • Remembering to use your Capital Gains Exemption each year – ‘ bed and ISA’ planning
  • Making sure that your wealth is held in the right tax wrapper and in the right name for tax-efficiency
  • Helping you to claim any tax relief you are due

Estate Planning

Estate planning is essentially making arrangements to pass assets to the people you wish to receive them either during your lifetime, or on death.
As Financial Planners, our job is to ensure that in the event of death, or serious illness, the right money goes to the right people at the right time.

We are able to use our expertise alone, or in conjunction with other professionals, such as accountants and solicitors with whom you may have existing contacts.

Our role is to ensure that you don’t pay more tax than you need to.