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Tax Planning for Life

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Most of us face being taxed on our income, our capital gains and in some circumstances the value of our estate when we die. Taxation can be complicated and the rules, reliefs and allowances often change, so it is worth seeking the advice of an independent financial adviser to be clear on how taxes work and the most efficient way to arrange your finances.

As an Independent Financial Adviser (IFA) in Lincoln and across the East Midlands, we work in partnership with you to help you plan your taxes in advance, utilising effective strategies that will use lawful reliefs and allowances to minimise the amount you have to pay. By understanding how taxation works, you should be better prepared to manage your finances and you could save money in the long run and help you to plan for the future financial security of your family.

When you are tax planning there are many factors to consider including where tax may be applicable and how it can benefit the future of your family and provide financial security for you and your loved ones.

Tax planning for children

There are a variety of ways you can undertake tax planning for children including setting up a junior ISA and the long term IHT changes for Individual Savings Accounts (ISA) and pensions also mean that these are valuable as a lifetime investment.

Another way of reducing the family tax bill, whilst at the same time conducting succession planning is gifting income producing assets to the children, such as shares in the family company. It is always advisable to seek financial advice before actioning any changes as in some cases there may be capital gains or inheritance tax liabilities.

Tax planning for individuals

One of the biggest benefits of tax planning is reduced tax liabilities, which results in you retaining more money for your own and your family’s needs. If you have efficient strategies in place, such as ensuring you are making the most of your various tax allowances, you will have an increased disposable income, greater control over your finances and will be able to make more informed investment decisions.

As an individual, you should also consider any capital gains tax, pensions and investments and seek financial advice to ensure that you have the most appropriate strategies in place to reduce your tax liabilities and provide a financially secure future for your family.

At Castlegate, a firm of Chartered Financial Planners and an Independent Financial Adviser (IFA) in Lincoln and the surrounding areas, we can support you and your family with all aspects of tax planning to ensure you have the most effective and efficient strategies in place. As an experienced IFA in Lincoln we provide financial advice that is tailored and bespoke to you and your unique personal circumstances.

If you are looking for an IFA in Lincoln or across the East Midlands to provide advice and guidance on tax planning, please do not hesitate to get in touch to talk about the most appropriate investment products for your personal circumstances and financial objectives.