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Clever Tax Planning Advice

There are a number of basic strategies that you can adopt to reduce the amount of tax you pay. Not all the strategies listed below may be suitable for you, although we are sure some of them will be. To benefit from our experience and advice an assessment of your individual circumstances is required.

If you are not using some of the following basic tax saving measures then you are likely to be paying more tax than you need to:

  • Making employer pension contributions for your spouse.
  • Investing offshore to avoid or reduce income tax and capital gains tax (please note this is not the same as complex and controversial offshore accountancy schemes).
  • Making employer’s pension contributions for yourself and your spouse if you are a Company Director.
  • Using a ‘relevant life policy’ to claim tax relief on life cover contributions (practice owners).
  • Using pension contributions to mitigate the loss of your personal allowance.
  • Using pension contributions to take you out of the 50% income tax band.
  • Using pension contributions to claim tax relief at your highest rate of tax.
  • Placing the freehold of your practice into a SIPP (Pension).
  • Using the available ISA allowances.

Not all these strategies will be appropriate and we recommend that you seek advice on your own individual circumstances. The value of investments can fall and you may get back less than you invested. Past performance is no indication or guarantee of future returns.