Research has shown that as many as 30 million people are paying too much tax. More than £5 bn, or around 5% of HMRC’s expected income, could have been saved if people had arranged their affairs more efficiently.
Almost £1bn should never have been paid in the first place. A further £1bn could have been avoided if people had taken the trouble to make minor changes to their savings and investment habits.
Taxation can be complicated, and the rules, reliefs and allowances often change, so it is worth obtaining a clear grasp of how these taxes work by discussing with a professional adviser the most efficient way to arrange your finances.
We will be able to help you plan your taxes in advance, and come up with effective strategies that will use the lawful reliefs and allowances to minimise the amount you have to pay.
Paying unnecessary tax can make a big hole in any retirement or investment plan, but an independent financial adviser may be able to help reduce an individual’s or company’s tax liabilities, meaning you get to keep more of what you earn.
Tax planning will naturally be tied into any good financial plan, but our advisers can also offer a stand-alone service if you have a specific aim you would like to achieve.
One thing can be said for all forms of tax: if you do nothing, it is highly likely that you will end up paying more to the Government than you actually need to do.
For a free, no-obligation consultation to discuss with our financial advisers regarding your tax planning and wealth management please, contact us today on 07833 463 080.
