Despite ongoing attempts to simplify the tax system, UK taxation remains full of complexities. It’s no wonder, then, that it takes careful planning and expert advice to help you to make the most of your money and to achieve your lifetime financial goals.
Lowering and deferring tax is, of course, a key aim but with some thought you can also free up cash for your business or to use for your personal plans, as well as providing you and your family with long-term financial security.
Although your exact requirements will require discussion in relation to your individual circumstances, in this guide we have explained some of the key areas to consider when you turn your thoughts to maximising business, personal and family wealth. Please contact us for one-to-one advice that is tailored to your needs.
How to benefit from our services:
Please read those chapters which are relevant to you as soon as possible.
- Take note of the key points arising from this guide, and any action you may wish to consider
- Contact us to discuss your action points, and to evaluate your long-term financial plans.
Boosting business finances
Running a successful business requires a robust strategy for all financial possibilities, in times of prosperity and austerity.
Your tax-efficient plan is best focused on these areas:
- choosing the most appropriate business structure
- capitalising on allowances and reliefs
- claiming tax deductible expenses
- deciding on your year end
- reducing your liability to capital gains tax (cgt)
- considering the role of family members
- strategies for exiting your business when the time comes.
Securing personal wealth
Employing effective planning strategies can also help you to safeguard and maximise your personal finances. We can make your capital as tax-efficient as possible, taking advantage of allowances and reliefs of which many people are unaware, and ensuring you pay no more tax than you need.
Any effective personal strategy should include:
- a tax-efficient remuneration package
- extracting profit from your business
- retirement planning
- estate and inheritance tax (IHT) planning
- tax-efficient gifting strategies.
Changes for businesses
The challenging economic climate has abated slightly, and the message in recent months has been one of increased optimism. With the future still uncertain, the Government has put forward a number of measures with the aim of supporting businesses.