You can boost your finances with some careful tax planning. This will be an ongoing process rather than a one-off activity, because tax law is complex and never stays still for long. By staying up to date with the latest rules, reliefs and allowances, you can ensure that you are not paying any more than you need to.
Tax takes many forms, the most relevant being income tax, capital gains tax (CGT) and inheritance tax (IHT). Tax planning does not need to involve complex avoidance schemes – all you really need is a better grasp of where tax is eroding your income and savings, and how you can reduce that impact.
You can get this help from a financial adviser, an accountant or a combination of both. A professional adviser will assess your financial circumstances, consider your life goals and help you create a strategy for improving your tax efficiency, so you can direct more of your money where you want it to go.
Try our tax waste calculator to see how much you could be losing unnecessarily in tax. Search for your local financial adviser or accountant here.
Questions you might like to ask a financial adviser or accountant:
- If I’ve been paying too much tax, can I get it back?
- How can I plan to reduce the taxes I have to pay?
- What income tax rate should I be paying?