Did you contribute towards the £4.6 billion worth of over-payment in tax to the UK Government in 2016?
Whilst paying tax is a good thing, as it keeps the country running, paying too much for an individual or business is not a good thing. There are plenty of legitimate ways to reduce the amount you pay, but you may not be aware of them all, or how you can take advantage of them. Perhaps you may not have done anything about it despite knowing how.
Tax can be complicated, especially if you have more than one income stream or manage a business. Whilst there are many things that can affect the amount you pay each year, the fear of paying too little tax means that we sometimes pay too much.
The most common areas where we tend to waste tax are:
- Savings (e.g. by not completely taking advantage of cash ISAs)
- Retirement planning (e.g. by failing to make sufficient payments into pensions)
- Inheritance (e.g. by failing to plan ahead)
- Capital gains (e.g. by not holding stocks and shares in an ISA)
- Not seeking professional help from an accountant and/or financial adviser.
We can help you to identify areas to help you become more tax efficient, which could potentially save you significant amounts of money. As well as assessing your current situation, we can also anticipate how future changes in tax law can affect you or your business, in a good or bad way.
Not all areas of Tax Planning are regulated by the Financial Conduct Authority.