Tax can be a complex area of financial planning, particularly when it comes to keeping up to date with changing allowances and legislation. Yet for many the ultimate goal when tax planning is to ensure that no more tax is paid than is absolutely necessary.
Our service covers every aspect of UK tax planning, whether you are resident in the UK, or live and work overseas. We can remove the burden of completing and filing your annual UK Tax Return; preparing all the documentation, meeting relevant deadlines and arranging any payments or refunds due. We are also happy to handle any liaison with HMRC on your behalf – giving you peace of mind. If you are overseas, we can work with you to determine your non-resident status, so that you can take advantage of being outside the UK tax net.
Paying no more tax than you should is something we all strive for. Our Tax team has extensive knowledge of and experience with the complexities of the UK tax system. The skill is in knowing when and how to use the various tools and allowances available. Once you have this knowledge you can sensibly and legitimately mitigate your UK tax.
As we all know, there are fairly regular changes to Capital Gains and Income Tax rates and how they are applied. This can result in a tricky landscape to navigate for Tax planning purposes. As a team, we carefully monitor any changes in UK tax law and attend regular legislation updates to ensure our Tax mitigation knowledge is always up to date.
This means we can, and do, proactively identify any changes which might have an effect on your tax position – whether your situation is impacted due to buying or selling assets or letting a property, or simply alters as a result of new legislation.
Using Your Tax Allowances
Our highly experienced team has extensive knowledge of the UK tax system. Ultimately the skill is in knowing when and how to use the numerous tools and allowances available. With this knowledge it is possible to sensibly and legitimately mitigate many aspects of UK tax.
Annual tax allowances are available to help you reduce or eliminate your tax bill. The tax landscape appears to be forever changing especially for Capital Gains and Income Tax. This can often make forward planning a far from straightforward exercise.
Tax Legislation Explained
As a team, we carefully monitor any changes in UK tax law and attend regular legislation updates to ensure our tax planning knowledge is up to date. We also contribute to consultations carried out by the UK Government which proceed potential changes in tax legislation.
As a result, we are able to provide proactive advice in line with recent legislative developments including, for example, the myriad of changes which have occurred to the taxation of property income and capital gains.
Tax Efficient Investments
There are a number of options, when investing, which offer significant tax benefits. The most notable of these are ISAs (Individual Savings Accounts) and Enterprise Investment Schemes (EIS).
ISAs offer a way of saving free from Capital Gains Tax. They also do not attract Income Tax on any dividends. A range of options is available including Junior ISAs for those below the age of 18, and flexible ISAs which allow you to withdraw and replace funds through the year without penalty.
EIS provide a means to invest in high-risk businesses, such as new start-ups. The start-up receives much-needed funding, with those investing enjoying significant benefits including income tax relief of up to 30% on the investment. There are also Capital Gains Tax and Inheritance Tax benefits.
These are only two of the options to consider and there are of course a number of others, which may also be suitable depending on your own circumstances.
Saving Tax at Retirement
When considering retirement, it is important to be aware of is the Lifetime Allowance, which enables you to hold a certain amount in your pension pots without incurring unnecessary penalties. Since April 2015, there has been more freedom over the options of what to do with your pension pot at the time of retirement. For example, with many pensions you usually have the option to take the first 25% as a tax-free lump-sum.
Clarity on the UK tax system
Our advice covers all aspects of UK taxation including Income Tax, Capital Gains Tax, Inheritance Tax, Business Tax and Corporation Tax for non-audit-based companies. We also provide VAT compliance and payroll administration. Our particular areas of expertise include residence, domicile and interpreting Double Taxation Agreements between the UK and other jurisdictions and how these affect your circumstances.
Given the wide-ranging nature of this area, ideally any financial planning should be carried out alongside our experienced tax teams to maximise the opportunities available. To discuss any area of your tax or financial planning please contact your nearest office.
To discuss how we can benefit you and your tax situation, please contact us.