Personal tax planning

Personal Tax Planning (Income Tax, Capital Gains Tax, Inheritance Tax)

How much of your assets and savings do you wish to donate to the state?

Tax legislation, case law and HMRC’s interpretations are constantly developing and the way your financial affairs are arranged can have a large impact on your tax liabilities. Reasonably straight forward action taken at the right time can often substantially reduce your tax liabilities.

Independent taxation means that husbands and wives are taxed separately on their income and capital gains. The effect is that both have their own allowances, savings and basic rate tax bands for income tax, annual exemption for capital gains tax purposes and are responsible for their own tax affairs. Since December 2005, the same tax treatment applies to same-sex couples who have entered into a civil partnership under the Civil Partnership Act.

Furthermore, the tax position of any children is important.

Marriage breakdowns can also have a considerable impact for tax purposes.

Few of us like to think about dying, however the relevant legislation requires us to plan well in advance. This means making the necessary provisions now. There are many tax opportunities available and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.

It is important when planning to transfer an estate that adequate provision is made and getting the right balance requires considerable skill and foresight - along with a detailed knowledge of the current tax regime.

It is important that professional advice is sought on specific issues relevant to your personal circumstances.

New clients are often surprised at how much can properly be done to help with their tax position, but time can be of the essence to ensure compliance and eligibility for reliefs.

All our work is based on full disclosure to HMRC.

Require more information?

If you would like more information or would like to ask us a question then call us in Burnley on 01282 421951.

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