It is imperative that you financial adviser organises your affairs in the most tax efficient manner possible if you are to build a successful and long term lifestyle financial plan.
If your tax planning is not done correctly you will end up paying tax unnecessarily on your income, your investments, your life assurance, any other assets you sell at a financial gain and finally your beneficiaries will also inherit a liability from your estate once you die.
At Baxter Fensham Financial Planning we ensure all our financial plans include comprehensive tax planning as part of their basic structure and as such are optimised with respect to the following areas of taxation.
At all times we strive to ensure any tax planning undertaken is complimentary to achieving your objectives as a whole and in line with your attitude to risk. We are not advocates of letting the ‘tax tail’ wagging the ‘planning dog’.
Income Tax
Planning for significant reductions or possible complete mitigation of income tax for higher earners though a number of recognised planning opportunities.
Capital Gains Tax
The mitigation or deferral of existing CGT liabilities and correct planning to avoid further CGT accruing on future gains.
Inheritance Tax
The significant reduction and possible complete mitigation of inheritance tax of up to 40% on assets irrespective of the clients current age, health and existing planning arrangements.
Stamp Duty Land Tax
With correct planning it is possible to reduce the cost to you of the 4% SDLT on purchases over £500,000 to typically 1% to 1.5%.
Corporation Tax
For profits in excess of £500,000 the extraction of those profits in an extremely tax efficient manner or the possible protection of company cash flow whilst significantly reducing the Corporation Tax burden of the company.
National Insurance
The reduction in NI contributions for staff and Directors of limited companies.
This tax planning is either carried out by ourselves in house or by referral to experts who practice in specific areas of tax planning. The result of such tax planning is you are likely to save substantial amounts money over the lifetime of your financial plan.
