Tax Planning

When it comes to taxes — whether it’s income tax, corporation tax or VAT — it is wise to ensure you aren’t paying more than you need to. Taxation can be very complicated and the rules, reliefs and allowances are subject to change. It’s important to stay aware of the current laws to ensure that you can manage your personal finances in a tax-efficient way. By understanding how taxation works you should be better prepared to manage your finances and could end up saving money in the long run.

In the UK the tax year runs from 6th April through to 5th April. During this time the Government requires everyone to pay an appropriate level of income tax on their earned income, which helps to pay for public services like education and healthcare. As well as income tax, you could also be liable for capital gains tax on profits you make from any chargeable assets you have sold or for tax on gifts you have made during your lifetime. If your estate is over a certain value when you die, it will also be subject to inheritance tax.

Tax planning is best done with the help of a financial adviser or accountant. Advanced Asset Consultants assess your financial situation and look at your goals in order to formulate a suitable strategy to help you plan in advance and use lawful reliefs and allowances to minimise the amount you have to pay.

This may include checking your annual and lifetime allowance with regards to pensions as there are many people getting caught out due to the reduction in the levels allowable under the new rules, resulting in additional tax being incurred.

Financial Guides

July/August 2017 Magazine

July/August 2017 Magazine

Currency Fluctuations - Why foreign exchange markets are in unchartered territory

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A Guide to Long Term Care

A Guide to Long Term Care

Supporting self-care activities and independent living in later life

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News + Media

Die poor or Plan ahead ?

Sunday July 16, 2017

Most people are quite surprised to discover just how much they are worth. How often have you heard someone say, “I’m worth more dead than alive”? Britons will pay almost £2 billion more in inheritance tax over the next five years than previously thought, official estimates have revealed. It will rise from an estimated £4.7 …

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Further reduction in Lifetime Allowance or Annual Allowance on the cards?

Monday July 10, 2017

      I wrote in March 2016 the then chancellor George Osborne may consider further reduction in the lifetime allowance (LTA) however he decided to leave this at the current level of £1m, for the time being, growing numbers of worker’s risk tax shocks because they are unknowingly on course to exceed this limit. …

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Can you read the future?

Saturday July 01, 2017

Investing is about the long game however are people getting nervous as stock markets in the US and UK bump around their all-time highs. Newspaper reports are beginning to speculate that a correction may be around the corner. The biggest danger isn’t the correction or a bear market, its being out of the market on …

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Tapering of annual allowance for high incomes – adjusted and threshold incomes

Wednesday May 31, 2017

This measure restricts pension tax relief by introducing a tapered reduction in the amount of the annual allowance for individuals with an adjusted income of over £150,000 and a threshold income over £110,000. Key facts The annual allowance will be reduced for individuals who have ‘adjusted income’ over £150,000 a year. The reduction in the …

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Registered in Scotland SC362302 Advanced Asset Consultants Ltd. is authorised and regulated by the Financial Conduct Authority FCA Registration No: 506551 The Financial Conduct Authority does not regulate National Savings or some forms of mortgage, tax planning, taxation and trust advice, offshore investments or school fees planning.

The information contained within this site is subject to the UK regulatory regime and is therefore targeted primarily at consumers based in the UK. This website is designed to provide you with general information only and does not attempt to give you advice on any particular investment or to recommend any particular investment to you. If you have any doubt as to whether a particular investment is suitable for you, you should contact Advanced Asset Consultants Limited on 0141 331 2434.

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