Tax Planning
Even in today’s world where HMRC are clamping down on tax avoidance, there are still simple ways in which you can save tax. Here are just a few suggestions:
• ISA’s to avoid paying tax on your savings
• Using Trusts to reduce your Inheritance Tax bill on your death
• Making personal pension contributions to reduce the amount of tax you pay at 40%
• Your company making Pension Contributions on your behalf to reduce Corporation Tax
Frequently asked questions
Here are some questions we often get asked. If you need any more information, just give us a call and we will be happy to answer your queries.
What is tax planning?
Tax planning is the process of arranging your financial affairs in a way that minimises your tax liability within the boundaries of the law. It involves making strategic decisions about your income, investments, deductions, and credits to optimise your overall tax situation. Contact us for more information, or a no-obligation consultation at [email protected] or call 01245 258689.
Why is tax planning important?
Effective tax planning can help you legally reduce your tax liability, allowing you to keep more of your hard-earned money. It can also help you better manage your finances and achieve your financial goals. Contact us for more information at [email protected] or call 01245 258689.
When should I start tax planning?
Tax planning is an ongoing process so should be considered all year round. However, a few weeks or months before the end of the tax year or financial year for the company are often good times to identify any possible tax savings that can be made. Contact us for more information, or a no-obligation consultation at [email protected] or call 01245 258689.
What are some common tax-saving strategies?
Common strategies include maximising deductions (such as charitable donations and pension contributions), contributing to tax-advantaged accounts (like ISA’s), investing in tax-efficient funds (such as Enterprise Investment Schemes (EIS), Seed Enterprise Investment Schemes (SEIS) and Venture Capital Trusts (VCT)) , managing capital gains and losses, and timing income and expenses. Contact us for more information, or a no-obligation consultation at [email protected] or call 01245 258689.
Can I do tax planning on my own, or do I need a professional?
Some basic tax planning can be done on your own but tax laws are complex and change frequently. Let Viewpoint Accountants can help you navigate these complexities and ensure you’re making the best decisions for your situation. Contact us for more information at [email protected] or call 01245 258689.
What documents do I need for tax planning?
You’ll need records of your income, deductions (receipts, statements), investment information, and any other relevant financial documents. These will help you accurately assess your tax situation and plan accordingly.
Are there specific tax planning strategies for small businesses?
Yes, small businesses have their own set of tax planning strategies, including deductions for business expenses, retirement plans for employees, and choosing the right business structure. Contact us for more information at [email protected] or call 01245 258689.
