Saving Tax
Most people pay too much tax - often without realising it. Our services include advice which helps clients pay less tax. Some of our tax-saving tips are quite basic - but in more complex situations we often work with clients’ accountants and solicitors to implement an appropriate tax strategy and protect estates from Inheritance Tax.
We can advise on financial products which can maximise capital gains, provide tax-efficient income, and enable your family to take inheritances in tax-efficient ways. We can help you plan to pay less tax:-
- Taxpayers should consider transfers from savings and deposit accounts to non-taxpaying spouses. Non taxpayers should claim back the tax on bank and building society accounts - and fill in R85 forms.
- Shelter stockmarket investments in ISAs - or move savings from deposit accounts to Cash ISAs to make the most of your money as interest rates fall.
- Use capital gains tax allowances efficiently each year, use the allowance to take a tax-free “income" - also consider transferring assets between spouses.
- Consider deferring the payment of CGT with tax efficient products such as Venture Capital Trusts.
- Contribute to a Pension plan and claim tax relief on contributions - make the most of any unused relief.
- Estate Planning can reduce or extinguish inheritance tax liabilities - set up an enduring power of attorney, make a will, write onshore and offshore policies in trust, use available IHT allowances.
- If you plan to live or retire abroad - make the most of being non-resident for UK tax purposes.
If you do not already have an accountant and would benefit from expert tax advice or help in completing tax returns, we would be pleased to recommend firms to you.
Please contact us for more information, or return to our services page.