Tax Planning

Would you like to pay less tax?

The goal of tax planning is to arrange your financial affairs so as to legitimately 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 actions, but it shouldn’t drive the overall strategy, which is to meet your own future objectives in life. A well used saying is ‘don’t let the tax tail wag the dog’.

As part of a comprehensive financial review we will check your tax position. Tony Conner is an experienced Chartered Accountant and we have a specialist Tax Accountant to call upon with whom many of our clients already work.

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

When placing savings and investments we aim to minimise both income and capital gains tax liabilities. For example, we always consider fully using tax favoured ISAs before choosing other investment wrappers. If and when appropriate, we can introduce more sophisticated tax planning and we will ensure that you fully understand what we plan to do – and why! Your individual tax position will always determine the right investment structure for you.

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

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

Income Tax

Capital Gains Tax

Inheritance Tax

Please note that The Financial Conduct Authority does not regulate Tax Planning.