Personal tax planning

Personal tax planning

Preparation is key

You work hard to take care of yourself and your family – unfortunately, tax obligations make it that little bit harder.

Instead of throwing your money at the taxman, consider some careful planning to reduce your tax bill. 

We know all there is to personal tax planning, and we are happy to help whenever you need it.

There are several ways in which you can save money through incentives built into the tax system, which are designed to encourage certain actions. You can receive tax relief on pension contributions, for example, or make use of your capital gains tax (CGT) allowance to save money on the sale of your home or other high-value assets.  

That isn’t the only tax relief you can take advantage of. By gifting assets or money to family members when you’re alive, you can minimise the inheritance tax bill your estate will suffer once you’ve died.

If you’re self-employed, you have even more reason to plan your personal taxes. Directors can pay less by topping up their salary with dividends, keeping below the income tax personal allowance.

Avoid unnecessary tax bills by getting in touch with Hemsley Miller.

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