Personal Tax Planning
Ensuring your personal affairs are structured as efficiently as possible can reduce your overall tax liabilities. Tax planning does not have to be complex and our dedicated team can advise on all areas to ensure you are only paying what tax is due and making the most of any planning opportunities.
Personal tax planning takes into account many different areas and the one which affects almost all individuals is income tax. You may have just received an unexpected income tax bill or are considering how to increase your income returns by investing. We can help you to understand the issues that affect you and look at what planning opportunities may be relevant. Looking at the way in which investments are held between family members or tax efficient investments are just two of the areas where we can help guide you.
Capital Gains Tax may arise not only when you sell an asset such as land or shares, but also in certain circumstances, where you decide to gift an asset to someone. All gains over a certain limit must be reported to HMRC and in certain circumstances sales must be reported to HMRC even if there is no gain. Similarly, if a loss occurs this should be lodged with HMRC so it can be set against future gains. If you are planning to sell an asset or have recently completed a sale and would like advice on the tax implications or details of any reliefs that may be available then we can help.
Inheritance tax can be a significant concern for families when planning for the future but there are various ways in which the overall tax burden can be reduced. It’s important that all facts are taken into account and to make sure that the potential tax savings don’t distract from your future needs and wants.
We can help you to consider all aspects of your personal tax position and provide guidance and support on the options that are suitable for you so please contact us.