Tax Planning

Creating wealth for children

Creating wealth for children

Investing isn’t just a luxury reserved for adults Saving for a child today is a wonderful gift for their future. Whether you want to help them buy their first car, contribute to their first home or even set them up for a comfortable retirement, there is little more fulfilling than providing financial security for your children or grandchildren. It’s worrying to think about the expenses they will face as adults. So the earlier you can …

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Changing financial landscapes

Changing tax landscape

Time to take a different view and organise your financial affairs? Tax planning should enable you to arrange your affairs in ways that postpone or legally avoid taxes. No one likes to pay tax on their hard-earned money so by employing effective tax planning strategies, you could have more money to save and invest or more money to spend. Or both. Your choice. It’s important to organise your financial and tax affairs to make the …

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Tax efficient savings

Tax-efficient investing

Legitimate ways for higher earners to reduce a tax bill Without a carefully developed tax planning strategy, higher-rate taxpayers run the risk of missing out on key tax benefits and paying more in taxes than necessary. A higher tax liability can diminish the value of your investment earnings over the long term. To start with, it’s important to look at how you might be able to minimise tax along the way. In other words, reduce …

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Tax Savvy

Savers should think twice before using their pension to purchase property From age 55, you have the flexibility to choose how you take money from your pension. But pension savers risk throwing away thousands of pounds of their hard-earned savings if they use their pension to purchase a second property. Women in the UK are better prepared for the future than ever before, with 57% now saving enough for their retirement – the highest proportion …

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Make the most of your valuable allowances, reliefs and exemptions Once we enter January, the end of the 2019/20 tax year will be just over three months away on 5 April. As this date approaches, the window of opportunity reduces if you want to make the most of valuable allowances, reliefs and exemptions that could help reduce your tax bill and make sure your finances stay tax-efficient. Some of these allowances will be lost forever …

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Tax-efficient shelters

Use your ISA allowance or lose it forever Even though the Individual Savings Account (ISA) deadline may be a number of months away, and despite the tax year date remaining the same year in year out, somehow it always creeps up on us. A tax year runs from 6 April one year to 5 April the next. So rather than subjecting yourself to the mad rush of deciding how to fully utilise your 2019/20 ISA allowance, …

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Retirement longevity

Your destiny is now in your own hands If you are in your 50s or 60s, your thoughts are probably turning towards retirement. When should you retire? How much money do you need? In trying to answer these questions, you face a problem. Because of longevity trends, we are on average living longer. With longevity increasing, your wealth may have to provide you and your spouse or partner with an adequate income for 30 or …

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Taxing times

‘Top 5’ list of planning areas Making sure you use up any allowances you are entitled to is the first step to reducing the amount of tax you may be liable to pay. We’ve provided our ‘Top 5’ list of planning areas to consider before 5 April 2020, the end of the 2019/20 tax year. The rates given are correct for the 2019/20 tax year. 1. Your ISA allowance: don’t wait to use it There …

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Give a triple boost to your children

Don’t miss out on this little-known tax rule For those parents who have spare cash, putting money into their children’s pension will boost the retirement prospects of their offspring. The money will be topped up by the addition of tax relief and could also earn their children a tax refund if they are higher-rate taxpayers and reduce the penalty they face if they are a higher earner receiving child benefit. Under current rules, there is …

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2019 Guide to Tax Matters

2019/20 Key changes you need to know In this guide we set out the main tax changes that apply to the 2019/20 tax year, which commenced on 6 April 2019. Reviewing your tax affairs to ensure that available reliefs and exemptions have been utilised, together with future planning, can help to reduce your tax bill. Personal circumstances differ, so if you have any questions or if there is a particular area you are interested in, …

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