Tax saving strategies
Tax efficiency plays a role in our advice in bringing significant enhancement to the growth of your money as well as setting up minimal rates of tax paid on eventual retirement income.
The role careful tax planning has on investments and other financial arrangements is hugely understated in our opinion. All too often we meet prospective clients with buy to let properties or businesses who have earmarked these assets for their retirement pot, without accounting for the fact that up to a third of the profit made could be taxed. This is likely to provide quite a shock when this is realised, and is usually discovered at the wrong end of the planning process, namely the end stage when nothing can be done about it! The ultimate fallout in this scenario is people having to work on longer than they want to, or having to tap into the equity in their own residential property to provide sufficient net income.
Similarly, people remain in a wide spectrum of investments, from endowments through to investment bonds, which for a lot of people means having to pay income tax personally or through the investment provider quite un-necessarily, and without them even knowing about it. Of course there are other advantages to being invested in these type of products, but regular analysis is usually worthwhile to explore redirecting your money to product types that allow you to minimise or eliminate any tax paid on your investment income and capital gains.