A review of tax planning to maximise your net income, business and family assets should always be high on your personal financial agenda. We can help by ensuring that you are maximising tax efficiency in all areas by making use of available tax reliefs, allowances, tax efficient tax wrappers and investment products. We will also be able to inform you of any changes in tax legislation that could impact you.
Tax is a complex area and several factors will determine the amount of tax you should pay each year. With careful planning, we can help you to increase your tax efficiency and reduce your tax bill.
We aim to address any income tax related issues as part of the advice process, to maximise tax savings in the face of changing legislation. Careful income tax planning can make a big difference to the amount of tax you pay. By planning effectively, you should be able to minimise your tax bill. Holden & Partners can help you identify all your areas of tax liability and advise you on ways to become more tax efficient, saving you a significant amount of money over the longer term.
Inheritance Tax (IHT)
Effective IHT planning could save your family hundreds of thousands of pounds. If you haven’t done anything about a potential IHT bill, now is the time to take action. Currently, IHT is charged at 40% on anything you leave over £325,000 when you die (£650,000 for married couples or registered civil partnerships). With rising property prices in recent years, this has resulted in more people being subject to IHT. There are a range of options for those seeking to reduce their IHT liability upon death, including making a Will, the use of trusts, life assurance and making use of the various exemptions in conjunction with gifting strategies.
Holden & Partners have STEP (The Society of Trust and Estate Practitioners) affiliated advisers, who can offer you high quality advice when dealing with your estate planning issues.
Capital Gains Tax (CGT)
If you have made a taxable gain from the sale of property, shares, investments, businesses or any form of capital gain, you should make sure you don’t make unnecessary CGT payments. CGT is a tax charge that arises from the disposal of assets, such as shares or buy-to-let properties, charged at 10% for basic and 20% for higher rate tax payers.
The annual capital gains tax allowance reduces the amount of tax you must pay. You only pay CGT on the amount by which your gains exceed this allowance (if at all). The capital gains tax allowance for 2016/17 is £11,100.
This is an area where tax can often be reduced or eliminated by careful ongoing planning. We seek to make use of available allowances and reliefs to reduce future capital gains liabilities. This advice is provided as part of our ongoing service.
In the UK, there is a wide range of tax efficient investments and structures to consider when considering how best to plan across all of these areas. The main structures currently available include:
- Individual savings accounts (ISAs)
- Junior ISAs
- Occupational pension schemes
- Personal pensions
- Venture Capital Trusts
- Enterprise Investment Schemes
We can help you find the most suitable solution for your personal situation.