Tax planning & wealth management
Planning your taxes
When it comes to taxes, it's wise to ensure you aren’t paying more than you need to.
Taxation can be very complicated and the rules, reliefs and allowances often change, so it’s important to make sure you are aware of the current laws to make sure you can manage your personal finances in a tax-efficient way.
By understanding how taxation works you should be better prepared to manage your finances, and could end up saving money in the long run.
In the UK, the tax year runs from 6 April through to 5 April. During this time the government requires everyone to pay an appropriate level of income tax on their earned income. As well as income tax there are also many other different forms of tax; the major ones are:
- National Insurance
- Capital Gains Tax
- Inheritance Tax
- Corporation Tax
IFAs take this into consideration when you seek advice, they also look at your finances and current personal living conditions. There are a few ways that you can reduce your tax liability:
- Ensure that there is an appropriate split of income between spouses (if married)
- Review investment vehicles to seek capital returns rather than income returns
- Incorporation of a sole trader or partnership
- Pension contributions
- Gift aid payments
- Reviewing the tax efficiency of the dividend/bonus/pension payment
- And many more
What we do
Tax planning is best done with the help of a financial adviser, and we at Niche have years of experience in helping clients manage their taxes so that they can save the maximum amount legally.
We will be able to help you plan your taxes in advance, and come up with effective strategies that will use the legal reliefs and allowances to minimise the amount you have to pay.
Then we will usually assess your financial situation, and look at your financial goals to help come up with a suitable strategy for you.