Tax Planning
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Tax Planning
Our tax planning service for individuals is designed to offer you an expert and effective approach to managing your tax liability.
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Strategic tax planning with our experienced team
Personal tax planning is looking at the choices you can make to lower your tax bill. Tax planning makes sure that you claim all the expenses, reliefs and allowances that you are entitled to.
Our highly experienced accountants keep up to date with tax legislation and get to know you to offer you the most beneficial strategic tax planning advice.
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Our personal tax planning service
TaxAssist Accountants excels in offering you strategies to minimise your tax liabilities. Our knowledgeable team will work closely with you to understand your individual needs to compile a bespoke tax planning strategy that works for you.
As your circumstances change our experts can support you to re-evaluate your tax planning strategies to ensure they are always aligned to your personal situation.
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What are personal tax planning strategies?
Examples of tax planning strategies include:
- Saving in ISAs: Individuals Savings Accounts (ISAs) offer tax-free investments up to an annual limit of investment. ISAs are available to all individuals and offer tax efficient savings.
- Making charitable donations: Charitable donations can increase your basis rate band, meaning more of your income is taxed at the basic rate.
- Paying additional pension contributions: Making additional contributions to your pension pot can reduce your taxable income, resulting in a lower tax liability.
- Making the most of the dividend and savings allowance: Some individuals are eligible to the dividend and savings allowance. These tax-free allowances mean some individuals are not taxed on their first dividend and savings income up to certain thresholds.
- Transferring income to a spouse or civil partner: You may be able to transfer up to £1,260 of your personal allowance to or from your husband, wife or civil partner.
- Using tax efficient investment schemes such as Venture Capital Trusts (VCTs), (Enterprise Investment Schemes (EIS) and Seed Enterprise Investment Schemes (SEIS): Investing in certain schemes may entitle you to tax relief up to certain maximum investment levels.