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 planner 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.
Taper relief is another issue that has become a complicated area that we come accross most days and have planning stratagies to assist you in managing this and any reporting that may need be factored in.
Sunday February 10, 2019
£21.6 billion has been accessed since pension freedom were introduced,in 2018 730,000 individual withdrew £6 billion from their pension holdings.Most of the withdrawals represent small amounts circa £8,000 per individual. However there are clients who have accessed much larger pots by way of Defined Benefit transfers and moving into drawdown to access the flexibility that …
Sunday February 10, 2019
The chances of a client fully understanding the implications of a transfer will vary across the market, most clients who receive an option to transfer focus on one thing and one thing only the “BIG” number on that bit of paper. This can be considerable and may well be an eye-watering number moreover their biggest …
Friday November 02, 2018
“A goal properly set is halfway reached”. Zig Ziglar The key to building wealth Our life is an endless series of daily choices, and how we manage those choices determines the outcome of our life. We all want financial freedom, but how will we achieve it? Financial goal-setting is the key to building wealth. There …
Saturday June 30, 2018
Traditionally when retiring an annuity was purchased providing income throughout life providing longevity protection with over 700,000 pension holders accessing their pots, 17% of which have purchased some form of an annuity, not that surprising I hear you say. However, annuities purchased from existing providers (clients not using open market option) are still hovering around …
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