Tax Planning

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The goal of tax planning is to arrange your financial affairs so as to minimise the amount that you or your family will pay in taxes, now and in the future. Astute financial planners should always have one eye on the tax implications of recommended strategies and actions.

An important starting point is to be aware of your allowances and opportunities to save tax, so that we can organise your affairs in a tax efficient way. We are all familiar with income tax, but National Insurance is simply a form of tax that can sometimes be reduced.

As part of a financial review we would check your tax code and explain how to recognise when it is not correct.

When placing savings and investments we aim to minimise both income and capital gains tax liabilities. A well used saying is ‘don’t let the tax tail wag the investment dog’ but we always consider fully using tax favoured ISAs before choosing other investment wrappers. Your individual tax position will determine the right investment structure for you.

There is often a lot of appropriate tax planning that can be done within the various pension wrappers, particularly for higher rate tax payers and this can extend throughout retirement.

As we accumulate wealth throughout our lives we often become more concerned with its preservation for future generations. Inheritance tax can take a big bite for the tax man, but there are several ways to mitigate the bill and we will explain them.

The Financial Services Authority does not regulate some forms of tax advice.