Here at Wealth Design, we take a fresh approach to designing workable and worthwhile solutions for your wealth.
They say there are only two certainties in life: death and taxes. And tax is a very important aspect of life, as collectively it’s a means of keeping the country ticking over. But have you ever stopped to consider that you might be paying too much tax – in other words, with some careful planning you could actually have more of your hard-earned money at your disposal?
There are many legitimate opportunities that may enable you to keep your tax bill to a minimum, but it’s tricky keeping pace with all the complex rules and regulations, and we may be fearful of paying too little. It’s particularly complicated if you run your own business or have multiple income streams, in which case professional advice becomes even more advisable.
Tax breaks may be wasted by not being fully aware of potential savings, in areas such as ISAs, retirement planning and capital gains tax.
Why not find out more?
Tax planning is therefore always an important factor in every aspect of the financial advice we offer you. With personal tax possible at rates as high as 60% in the UK, it is crucial to aim for the greatest efficiencies throughout all our efforts on a client’s behalf.
Inheritance Tax can be a particularly unpalatable extra burden to your loved ones when you’ve paid tax on your earnings all your life. When you die, your estate could be subject to inheritance tax if it’s worth more than the allowable threshold, which is currently £325,000 per person. Married couples and civil partners therefore have a joint threshold of £650,000, and there will be an additional family home allowance starting at £100,000 per person phased in from April 2017. Generally speaking, IHT is payable at 40% on anything over and above the threshold. The independent financial advisers at Wealth Design are skilled in helping clients understand the pitfalls and their potential liability.