Full utlilisation of your personal reliefs can be one of the simplest, yet often missed tax planning strategies.
As well as your own starting and basic rate tax bands, if you are married, talk to your financial adviser or accountant about using each person’s personal reliefs and the benefits of distributing income-producing assets evenly between you.
There are number of different pension tax planning strategies to consider:
Pensions Annual Allowance Make sure you have fully utlised your tax-efficient contributions for this current tax year AND any unused allowances from the previous 3 tax years
Stakeholder Pensions Available to UK residents under the age of 75, INCLUDING children. These payments can be used to help keep below the £50,000 income threshold to retain child benefit, whilst also helping your children or grandchilden have a more secure financial future.
Pension Drawdown Applicable to those over 55. For more information please refer to these separate articles (click on title to open):
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6) Trust Funds
There can be a number of benefits to setting up a trust fund:
Help avoid Inheritance Tax
Protection of assests
Future financial stability for your loved ones
An efficient way to pass on money, shares and equity.
When it comes to year end tax planning strategies, there are many areas to explore. If you would like to book a free 30 minute initial chat, please click the button below, or contact Tony Thomas on 07585 592494 or firstname.lastname@example.org