First of all we don't provide accountance services. However our time and experience in finance and business has enabled us to build relationships with local accountants that are able to provide a range of services from basic book-keeping, to personal and company annual returns, right through to sophisticated tax strategies for high earners and corporate clients.
A good accountant won't just clear up the paper trail behind you- they will help you to plan your affairs to pay less tax in the future!
Unfortunately only about 10% of the UK's accountants have the qualifications necessary to provide advice on financial products or investments. Your accountant can recommend that you pay into a pension to save tax (sadly, too few do) but they probably can't help you choose one. For this reason it is important that your accountant and financial adviser can work together.
This is why we have built relationships with competent local accountants. When planning your finances everyone needs to be working together, and so trust and cooperation are vital.
What we can do to help
There is an a great deal that a good IFA can do to help you pay less tax. Most people face 3 main taxes in their life: Income Tax, Capital Gains Tax, and Inheritance Tax. We will cover each of these briefly with examples of what we can achieve for you.
Income Tax
Income tax is paid on earnings above certain thresholds each year, which are set in the Budget. Currently there are 3 levels of Income Tax depending on how much you earn. Income tax applies to earnings from employment, self-employment, pensions, certain investments such as shares and investment property.
If you have savings or surplus income we can recover Income Tax for you using pensions and the Enterprise Investment Scheme which may get you a refund of Income Tax paid, even if it was in a previous tax year. We can also put your cash or investments into Individual Savings Accounts (ISAs) so that they can grow or produce income tax-free.
Capital Gains Tax
Capital Gains Tax, or CGT for short, is paid on the profit made on investments above a threshold set annually in the Budget. The rate gains are taxed at depends on how much other income you have.
If you have made a gain we can recommend ways of using the profit that will defer this gain from a tax point of view until you are ready to pay it. Under current rules you can defer gains indefinitely. You can also make your investments through pensions or ISAs and shelter the gains from tax.
Inheritance Tax
If you are UK domiciled Inheritance Tax, known as IHT, is paid on your worldwide assets above a certain threshold held at the date of death. This is one of the most controversial taxes, yet there is a great deal that can be done to legally avoid it altogether. We have detailed information on the types of planning available on our Inheritance Tax Planning page.
Remember, it is vitally important to seek advice as soon as you become aware that a tax bill may arise. If you miss certain dates you could find yourself thousands of pounds worse off, all thanks to the Tax Man.
So don't waste time and money, speak to us today!
