Tax Efficient Planning

Income Tax

This is the most frequently encountered tax. Many people pay too much out of ignorance or poor planning.

Our Top Tax Savings Tips

There are many ways to save tax. We make sure that your arrangements are tax efficient.

• Make sure that the married couple’s allowance goes to the person in the highest tax band (Note: only available if one partner was born before 6th April 1935).
• Make sure that non-taxpayers are invested in areas where they either get paid without deduction of tax, or can reclaim any taxes that have been paid.
• Make sure that where a couple have investments, the income from those investments is classed as belonging to the partner in the lowest tax band. This can produce significant savings.
• For higher rate taxpayers, seek to ensure effective use is made of any tax breaks and gross-paying, tax-free investments.
• Maximising pension contributions where relevant, producing instant savings through tax relief on your contributions. Consider also funding pensions for partners.
• Errors in the tax calculation. It is fair to say that for people whose tax affairs are simple (i.e. all dealt with through PAYE) errors are neither common nor significant. However for those whose affairs require them to complete self assessment forms then errors do occur and it is worth having the figures checked.