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

September/October Magazine 2018

September/October Magazine 2018

Cash may not be King: Pension savers risk a significant tax bill 

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Factsheets

A Guide to Self-Invested Personal Pensions

A Guide to Self-Invested Personal Pensions

Taking greater control of your retirement plans for the future

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News + Media

Better Safe Than Skint…

Monday April 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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Insistent Client- Defined Benefit Disaster

Monday April 30, 2018

There has been much discussion within the financial advice sector on the term “insistent client” ever more so with regards to Defined Benefits transfers and how this should be approached. Let me nail my colours to the mast from the outset. There is no place for “Insistent client” within the Financial Planning Profession for the …

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Stock Market Turbulence Is Normal

Monday March 19, 2018

state pension, retirement age, retirement planning, workplace pensions, starting a pensionDon’t let global uncertainties affect your financial planning for the years ahead. The overall direction of developed stock markets is a relentless and continual rise in value over the very long term, punctuated by falls. It’s important not to let global uncertainties affect your financial planning for the years ahead. Individuals who stop their investment …

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Can “DIY” pension be the best option for DB transfers

Monday March 19, 2018

I read with interest the rise in individuals managing their pension pots has increased from 5% to 30% since pension freedoms in 2015. Should there be concerns or is this just down to the general public’s view on financial planning, we read almost every other day that self-managing pensions are the best option, why pay …

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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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