Tax planning
Think of any transaction you have done in the last 12 months and the chances are it was a taxable transaction: buying a house (Stamp Duty Land Tax), selling a house (Capital Gains Tax), making a pension contribution (Income Tax Relief), declaring a dividend (Corporation Tax and Income Tax), making gifts (Inheritance Tax and Capital Gains Tax), granting a tenancy (Income Tax), getting married (acquiring IHT and CGT privileges), creating a trust (IHT and CGT).
Creating and hanging on to wealth are two sides of the same coin. Everyone understands the need to make money and to increase the value of their investments, but avoiding the payment of unnecessary tax is every bit as important. Not everyone recognises that fact.
If you just put aside a little time to think about a transaction and whether it could be arranged slightly differently, over a lifetime you could save a great deal of tax really quite painlessly. Our most successful clients tend to be the ones who always explore tax planning opportunities before embarking on a transaction. The habit then becomes second nature.
The point is that tax is part of life and a part of everything all of us do, not something to be left to the “fat cats” or those prepared to live in offshore tax havens. Tax advice should be common sense, and apply the same attitude to risk as clients use in their everyday lives.
Click onto page 2 for details of our tax experts.
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