Nobody knows the future, but we can all still plan ahead. No one likes paying tax, but with some simple advance planning and a small amount of time you can minimise your future tax liabilities.
- Have you been offered guidance on the best way to structure your business?
- Are you aware of tax reliefs available whilst running your business?
- Have you thought about exit strategies even if this might be many years ahead?
- Have you been given Inheritance Tax planning advice?
- Are you getting the right advice regarding the Capital Gains Tax changes that are just around the corner? For example:
- Letting relief will potentially only be available to those who shared occupation of their house with a tenant.
- If you sell a property that was once your main residence, in most cases only the final nine months of ownership will qualify for private residence relief. The final-period exemption is currently 18 months.
- Anyone making a taxable gain from the sale of a UK residential property will have a 30-day window to submit a residential property capital gains tax return and pay any capital gains tax owed.
- Are you receiving advice to ensure you are making the most of the available tax allowances and helping you to structure income to minimise your tax?
- Are you being advised to take more dividends before the end of the tax year, or perhaps postpone a dividend until the new tax year?
Often we suggest that a client talks to a financial advisor regarding pension payments but this should be done well in advance of the 5th April! We also undertake an income review for clients at least once a year to ensure they are keeping on track.
If you would like to talk to one of us please just pick up the phone, or email. We would be happy to meet up for a chat.