Personal tax planning

Understanding Personal Tax

Personal tax refers to the tax paid by individuals on their various sources of income, including employment income, self-employment income, and investment income. Navigating the UK tax system can be complex, but understanding personal tax is crucial for minimising tax liabilities and ensuring compliance with tax laws and regulations.

Personal tax encompasses several types of taxes, such as income tax, capital gains tax, and inheritance tax, each governed by its own set of rules and regulations. Effective tax planning is essential to take full advantage of available tax allowances and reliefs, thereby reducing your overall tax burden.

Adopting a tax-efficient approach to personal tax planning can help you achieve your financial goals while minimising your tax bill. Staying up-to-date with changes in tax laws and regulations is vital to ensure that your personal tax planning remains effective and compliant. By understanding the intricacies of the tax system, you can make informed decisions that benefit your financial well-being.

How we can help with personal tax planning

We offer a specialist personal tax planning service that is tailored to your individual needs and includes:

• Advice on minimising tax liability for all personal taxes in the most tax efficient way, including:

• Income tax

• Capital gains tax (CGT)

• Inheritance tax (IHT)

• Non-domiciliary taxes

• Completion and filing of relevant returns

• Advice on what payments are due and when, including strategies to minimise your tax bill for each tax year.

• Advice on trusts and estates

We can offer you personal tax planning advice from one of our Tax Partners. We can also help manage your tax affairs to ensure you are fully compliant and optimised.

We can help you optimise your tax position and ensure you meet all the compliance requirements.

Clients who benefit from our service attest to the value of independent advisers who can look at their situation within the larger picture.

Your personal Tax Adviser will also be available to advise on issues such as:

• How best to handle benefits such as company cars and accommodation

• Whether directors should be paid by salary or dividend

• How to minimise CGT liability on disposal of assets

• How to optimise your tax position when living or working abroad

With the complex nature of tax and finances today, we also encourage our clients to develop a thorough personal finance plan that, in addition to general tax planning, covers:

• Provision for education costs

• Mortgage planning

• Savings & investments

• Insurance planning

• Healthcare provision

• Retirement planning, including strategies for maximising retirement income

• Estate planning

Decisions made in these areas are likely to affect one or more of the others, which is why we recommend working within an overall plan.

We can help you draw up a comprehensive personal financial plan that takes into account current tax rates and reliefs.

With the tax system 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 compliance requirements.

We are the tax specialists. We provide you with year round tax advice on tax efficient strategies for:

• Income tax

• Capital Gains tax

• Inheritance tax

• Trusts and estates

• Non-domiciliary tax issues

Minimising Tax Liabilities

Minimising tax liabilities requires a thorough understanding of the UK tax system and the various tax allowances and reliefs available. Effective tax planning strategies, such as tax-efficient investment planning and tax-deferred savings, can significantly reduce your tax burden.

Utilising tax allowances, such as the personal allowance and the capital gains tax allowance, is a key component of minimising tax liabilities. Additionally, tax-efficient retirement planning, including making pension contributions and planning for retirement income, can further reduce your tax liabilities.

Consulting with a tax professional or financial advisor is essential to determine the most tax-efficient approach to minimising your tax liabilities. Regular reviews of your tax planning strategies are necessary to ensure they remain effective and compliant with changing tax laws and regulations. By staying proactive and informed, you can optimise your tax position and reduce your overall tax burden.

Get in touch

Every pound of income tax you save by utilising tax allowances means more income at your disposal. Every well planned disposal of assets means less loss of capital gains, and every inheritance tax saving means more benefit for your beneficiaries.

Ensure you take full advantage of the opportunities for saving tax open to you. Contact Us today to discuss how we can help you manage your personal finances more effectively.

Why choose us?