In the view popularly attributed to Benjamin Franklin, nothing is certain except death and taxes. By planning and taking advice you can ensure you are minimising the tax you are paying by taking advantage of the tax exemptions and allowances available to you.
At the basic level, there is a personal income tax allowance, an annual exemption from capital gains tax plus numerous tax credits dependent on your circumstances. Schemes like Gift Aid offer tax relief on donations to charity and there is also an Inheritance Tax (IHT) threshold below which nothing is due.
In additon, there are tax efficient investment products such as Individual Savings Accounts (ISA’s) and pensions that provide relief from both income and capital gains tax (CGT) and some individual assets such as your home, your car and UK Government Bonds (gilts) that are specifically exempt from CGT.
It is equally important to seek financial advice for tax planning purposes as it is for saving for your future. On the run up to the tax year end we welcome you to get in touch for a financial review to ensure you have taken advantage of tax incentives available to you.