Tax is an unpopular subject for most of us and it is easy to
see why: from every hard earned pound we make, the Government takes a tax bite.
And it is not just our annual income which takes a tax hit. The Tax Man also
gets a slice when we buy a house, gain an inheritance or even just buy a glass
of wine in the local pub.
Prudent tax planning can help us avoid paying more than we need to, by means
of, for example, tax incentives on investment vehicles such as
venture capital trusts. But even the most financially savvy can find
tax rules complicated and annual Government tax changes make it still harder to
keep on top of. Expert guidance from an independent financial adviser (IFA)
is a way of ensuring you do not pay tax over the odds.
One important area is
inheritance tax (IHT). If not planned for, it is all too easy to miss
out on inheritance through tax, or even for our families to miss out later down
the line. IHT levels finally look set to increase in line with inflation;
however recent property price rises may mean many still find themselves over
the tax limit, making it more important than ever to seek IHT advice.
Making the most of allowances and tax credits, such as
capital gains tax and
child tax credits, is another vital element of tax planning, although
many of us fail to take advantage. Of course there are conditions and
exemptions to the rule as with all areas of tax, but it is well worth checking
what you are entitled to.
To search My Local Adviser for
tax advisers click here.
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