Smart tax planning

For a lot of us, taking care of ourselves and our family means providing as high a standard of living as possible.

One way to do that is by increasing our income, perhaps by upping our hours or going for that new job. Another is smart personal tax planning.

Personal tax planning is no easy thing to do alone, however, given how complex the tax system is and how some strategies will only work in certain circumstances. Our perspective combines research and understanding to provide a genuinely expert perspective.

Some of the most common strategies to save on taxes include full use of tax allowances. Everyone gets a tax-free allowance of £12,300 when selling assets for a profit, for instance. Everyone also has a £2,000 tax-free allowance for dividends, which is especially good for company directors. Claiming these are essential – unless you’re saving them for another time.

If you’re in your later life, personal tax planning for you might mean estate planning. With proper planning by giving gifts to family or charity, for instance, you’ll be able to pass on a greater amount of wealth than you might have thought possible.

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