The UK has one of the most complex and opaque tax codes in the world – it costs more than £11billion just to operate it (that's equivalent to nearly £180 for every man, woman and child – simply to collect it). Compared to your home or your pension, tax can easily be your biggest single cost. It's taken from your earnings, your investments, goods and services you buy, and ultimately, when you die, your estate.
Over their lifetime (and even on their death) most people will pay significantly more tax than they need to or miss out on opportunities to reduce their tax, sometimes significantly. Even simple tax-saving actions are regularly ignored or done late. Using allowances at the earliest opportunity each year would amount to a significant tax saving over time. But it can be complicated.
Over the years the UK tax system has been altered and tweaked by each successive government, trying to grab as much as they dare. Often they rely on the apathy of the taxpayer. There's little wonder we end up paying more than we should. One of the benefits of on-going financial planning is that we help people use the tax system more efficiently.
Nearly everyone can benefit from a tax planning service; however there are certain situations where you should definitely consider a review of your position:
If you have investments
If you pay higher rate income tax
If you run your own business
If you are married and one of you is in a higher rate tax bracket than the other
If you, or your partner, came from overseas
Note: This list is not exhaustive.
We can also work alongside our client's solicitor and accountant to provide a cohesive approach to managing their wealth in a tax efficient way. And with your professional advisers working together, it allows you to relax and enjoy life more.
Contact us to discuss this further and find out what tax savings we can make you.
Financial Planning Partners Ltd
19 Wellington Business Park
Tel: 01344 778990
FPP are committed to dealing with clients and prospective clients in a professional and ethical manner and to that end adhere to the principals laid out in the CII Code of Ethics, a copy of which is available on request.