I’d like help with tax planning

When looking at your tax planning, it’s essential to review the picture as a whole. Failure to plan for taxes can cost you.

You want to pay the minimum amount of tax possible. We want that for you, too. Here are some areas you can review:

1. Income Tax Planning – Have you thought about including your family in your business? Are you taking out what you need? Are you taking out too much and paying too much tax? Should you incorporate if you are a sole trader paying too much tax?
2. Personal Tax – Are you taking advantage of the allowances and the investment schemes available?
3. Capital Gains Tax – Could you purchase and sell assets to take advantage of the CGT allowance?
4. Inheritance Tax (IHT) – Have you reviewed your estate plan? Have you thought about utilising the small gift allowance, marriage gift exemptions and gifts for charities?
5. Succession Planning – Have you thought about what happens to your business once you retire? Planning for the future allows you to reduce the disruption to your company and minimise your tax.
6. Property – You may be able to reorganise the property’s ownership to split the profits more efficiently. A capital allowances review could also highlight some savings.
7. Trusts – You may benefit from using a Trust to pass things down to future generations, utilising your lifetime allowance. However, they are complex and separate legal entities, and you need to keep in mind the 10-year charging fee and exit charges.