REDUCING YOUR TAXES
Inheritance Tax Planning
You have worked hard all your life and now have a nice house, a decent pension, some investments and savings in the bank. If it’s worth more than £325,000 (Nil Rate Band 2016/17) unless you do some planning, 40% of anything above this figure will go to the government? Did you expect that?
There are actually lots of legal ways to reduce this which can include making small annual payments within certain limits, giving larger gifts away and surviving seven years (potentially exempt transfers - PETS), using spousal allowances, tax schemes or simply taking out some life assurance written under an appropriate trust to fund the liability therefore relieving your family of the burden.
This isn’t something to do in the future, if your estate is above the threshold and you can afford to do something about it then don’t wait - act now. We think that the richest people in country tend to pay the least taxes and that is because they plan well and plan in advance. You don’t necessarily need to spend a lot to sort this out.
Investment Tax Planning
So if your investment returned £100 you could either get £100 (tax free investment) but this would become £80 as a basic rate tax payer or £60 if you are a higher rate tax payer. What could you buy with that extra £40? Well what If it was £10000? What could you buy with £4000? What if the tax man actually gave you tax back as well?
This isn’t just about different types of investments but also about your tax position both now and in the future. Consider what capital gains tax allowances you can utilise, how to use your families allowances, how to use pensions to reduce your income tax. Are you eligible for Enterprise Investment Schemes (EIS) or Venture Capital Trusts (VCT)? It isn’t all for the faint-hearted but for the right person it can be hugely beneficial.
You may already use an accountant or are doing your own tax returns. We will work with them and/or you to utilise every opportunity.
OUR SERVICES
GET IN TOUCH
Tel: 01772 860 760
Email: info@ifs-sp.com
Privacy Policy | Cookie Policy
115b Whittingham Lane, Broughton, Preston, Lancashire PR3 5DD
The material on the site is the copyright material of Independent Financial Solutions. You may not copy, reproduce, republish, disassemble, decompile, reverse engineer, download, post, broadcast, transmit, make available to the public, or otherwise use Independent Financial Solutions content in any way except for your own personal, non-commercial use. This includes but is not limited to all individual fund manager data such as rankings of fund managers and ratings of fund managers. Independent Financial Solutions does not accept any liability for your reliance upon, or any errors or omissions. Any other use of Independent Financial Solutions content requires the prior written permission of Independent Financial Solutions. © 2016 Independent Financial Solutions. All rights reserved. Website Design by Goldmine Media
FOLLOW US
