Tax planning is not about formulating a devious plan to find loopholes in the tax rules. It is about understanding the rules and not becoming liable for taxes that we should not have to pay.
As government spending accounts for approximately 50 per cent of all GDP in the UK, it has a significant influence on our day to day existence and deserves a similarly important amount of attention and consideration.
The manner in which we take our income whether from employment, pensions, savings or investments; how we buy and sell assets; who holds those assets, and the various ways they are taxed can have a significant impact on how much is left after the government has had its share.
Of course, we all need to pay our share but the tax system can be unsympathetic and, at times, pernicious if we simply presume we are doing the right thing while carrying out our normal day-to-day affairs.
There is very little room for discretion on the part of the tax authorities to make decisions based on ‘fairness and common sense’. HMRC is governed by a set of strict rules and, like any set of rules, these may have contradictions or unforeseen consequences. It is, therefore, critically important when we make our financial plans to consider the tax implications.
I hold the Chartered Insurance Institutes (CII) advanced qualification, G10 – Taxation and Trusts – and have substantial experience of helping individuals and businesses with their tax planning, including:
– Inheritance Tax Mitigation
– Corporation Tax
– Capital Gains Tax
– Income Tax
– The Taxation of Dividends
If you have a question, or would like to arrange an initial meeting to discuss how I can help you with your financial and tax planning – at no cost and without obligation – call Nigel on (01295) 660571 or request a call-back.