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Tax Planning
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Why is Tax Planning Important?
axation can be complex with the ever changing rules, reliefs and allowances, so it’s important to make sure you are up-to-date so that you can make your personal finance more tax efficient.Tax planning would help to make sure that you are not spending more than you need to on your taxes. We believe that tax planning and investment or wealth planning are linked inextricably. If you require to save more and make the most of your investments, it would be a good idea to cut down the amount you pay in taxes by making invests that would give you some tax relief. We provide expertise in both investments and taxes, with a variety of avenues you can explore for tax planning.
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EIS / Seed EIS
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f you match the criteria required to invest in EIS (Enterprise Investment Scheme) or Seed EIS shares, they are an excellent option when thinking about tax planning. Investments in EIS or Seed EIS could get you a 30-50% income tax relief, which depending on the amount of investment could save you a maximum of £300,000. Apart from this other benefits of this kind of investment are Capital Gains Tax (CGT) deferral reliefs, CGT exemptions and even a CGT holiday if the gains are reinvested. We have a dedicated platform that connects potential investors to entrepreneurs at their convenience.
SITR
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ocial Investment Tax Relief (SITR) is a new form of relief on investments into charities and social enterprises introduced in 2014. This is a government backed initiative which encourages individuals to support social enterprises and charities by providing a new investor -desirable repayable finance.Investors essentially invest up to 30% in an enterprise in unsecured debt or equity.
The goal of SITR is to encourage new investments into the social enterprise sector by offering investors tax relief to match that of the Enterprise Investment Scheme (EIS) that is for more established industries.
Nonetheless, SITR reflects the benefits of EIS due to the 30% income tax relief; each investor can invest £1m per year. Importantly, the £1mn investor limit is separate from their EIS and SEIS investment limits.
Please see socialinvtaxrelief.com for an extensive guide on SITR
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Inheritance Tax
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nheritance tax planning can make life easier for your heirs. Planning ahead would allow you to clearly demarcate who inherits what, and could save your family from a tricky situation later. With the right planning you can also maximise inheritance tax reliefs and exemptions.
Capital Gains Tax
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ith some strategic planning, you can reduce capital gains tax on your savings, investments and pensions. Many people pay more tax than necessary, with the right investments and planning you can avoid or reduce these taxes and increase your savings.
Family Tax
ertain tax allowances and reliefs are your family member’s birth rights. So why not use your family members to receive business profits as a part of your tax planning strategy. Family trusts are also an established means of wealth planning.
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Offshore Tax
inding the right offshore investments could the one missing link in your financial planning. The right investments offshore could be the key to making the most of your wealth. We can bridge the gap by providing well-advised options to help broaden your portfolio and stretch your tax planning to its full potential.
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Property Tax
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aking property transactions more tax efficient is an ongoing challenge for the real estate sector. There are many opportunities present to make your property deals more useful in terms of tax saving. We strategise and help you rethink your spending on land to make it more tax effective for you.
Tax Returns
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ver worried about missing the HMRC deadline to file your returns? Leave it to us, and you can focus your energy on running your business without so much as a second thought. While preparing your returns we would use the allowances and reliefs available to their full potential to help minimise your tax bills.