Tax planning is arranging your affairs in ways that legitimately defer, reduce and remove taxes.
Introduction
By using effective tax planning strategies you have more money available to help you achieve your financial goals and the effect of this over time can be very significant.
Tax planning should not be done in isolation and should be driven by your overall financial goals and integrated within your financial plan. By developing and implementing appropriate strategies to lessen or shift current and future tax liabilities you can improve your prospects of meeting short, medium and long-term objectives.
There are numerous tax planning strategies available to you and it is not unusual for more than one tax planning
strategy to be used in order to meet your financial goals. Tax rules can be complex and frequently change so obtaining independent financial advice from Lucas Fettes Financial Planning before making financial decisions is advised.
Tax planning is crucial whilst you are building up your savings, as reducing the amount of tax you incur will help your fund grow, and make more income available to assist in achieving your future plans. It is also critical when you look to draw on your assets, as lower tax incurred means you will draw less to meet your net income needs, helping your assets last longer.
For more information, read our guide.
How can we help you?
If you would like assistance with your tax planning, or if you wish to arrange an initial no cost, no obligation, consultation, then please fill out the contact form below. Alternatively, you can call 01603 706 820 or email info@lffp.co.uk.
Important information
This article is solely for informational purposes and nothing in it is intended to constitute advice or a recommendation. The impact of taxation (and any tax relief) depends on individual circumstances. This has been prepared based on our current understanding of UK Law, Taxation and HMRC practice, all of which could be subject to change in future. The value of investments can fall as well as rise and it may not always be possible to receive back the sum initially invested. Past performance is not necessarily a guide to future investment returns
While considerable care has been taken to ensure this information is accurate and up-to-date, no warranty is given as to its accuracy. This article constitutes a financial promotion.
