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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 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.

Financial Guides

January/February Magazine 2019

January/February Magazine 2019

Plan, Prepare...

MAKING NEW YEAR’S TAX SAVING RESOLUTIONS

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Factsheets

A guide to Setting Investment Goals

A guide to Setting Investment Goals

Securing your financial future – solutions to help you meet your investment goals

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News + Media

Power of Attorney and Pension

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 …

The post Power of Attorney and Pension appeared first on Investments, Pensions, Life Cover | Independent Financial Advisers | IFA's Glasgow | Advanced Asset Consultants.

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What does good pension advice look like

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 …

The post What does good pension advice look like appeared first on Investments, Pensions, Life Cover | Independent Financial Advisers | IFA's Glasgow | Advanced Asset Consultants.

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Financial goal-setting

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 …

The post Financial goal-setting appeared first on Investments, Pensions, Life Cover | Independent Financial Advisers | IFA's Glasgow | Advanced Asset Consultants.

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Better Safe Than Skint…

Saturday June 30, 2018

AAC Better Safe than SkintTraditionally 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 …

The post Better Safe Than Skint… appeared first on Investments, Pensions, Life Cover | Independent Financial Advisers | IFA's Glasgow | Advanced Asset Consultants.

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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.