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The importance of personal tax planning

By The Fish Partnership, Chartered Accountants - Monday, Nov 18, 2013

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Planning is as key to tax as it is to everything else in life.

When it comes to personal tax planning, it makes good financial sense to plan ahead and make the most of the tax reliefs and allowances that are available to you in order to reduce your overall tax liabilities. Implementing a few basic tax saving measures can make all the difference.

Most people would agree that the constantly changing tax rules and regulations make managing your tax affairs a complex process however at The Fish Partnership we simplify the process and will be able to review your individual situation and advise the best plan to suit you.

Taking expert advice can help you make the most of the options available to you. We can also review your personal financial position and help you to manage it in the most tax efficient way.

Forward planning can help you to explore tax efficient ways of passing your wealth on to your family and more and more people are finding that they will be affected by Inheritance Tax as the tax is charged at 40% on the market value of total net assets owned - which includes your home – after deducting the nil rate band of only £325,000.

Careful and advanced planning can help to reduce or even remove an Inheritance Tax charge, by making the best use of the options available such as lifetime gifts or complex wills.

Similarly, the ability to plan ahead for Capital Gains Tax will create significant tax savings by making the most of the reliefs available on gifts to individuals and trusts such as by maximising main residence relief.

At The Fish Partnership, we enjoy helping our clients to reduce their tax liabilities wherever we can by providing them with relevant and comprehensive advice tailored to their specific needs. We can advise on a wide range of day-to-day tax matters as well as providing invaluable guidance for the long-term future too.

If you want to reduce your tax bill contact Denise Eyles on 01628 527956 or denisee@fishpartnership.co.uk

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