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Tax is a fact of life but paying too much tax is never on anyone’s list of priorities. Every year, UK taxpayers give away several billion pounds more than they need to. In 2016 the figure was thought to be around £4.6 billion.
The government creates many legitimate opportunities for you to reduce the amount you pay in tax. However, you may not be aware of them all, or you may be unsure of how to take advantage of them or, like many people, you may have known but simply not done anything.
Tax is a complex area, and becomes more so if you run a business or have several sources of income. Numerous factors will affect the amount of tax you should pay each year, including your job, savings and personal circumstances. But for many of us, fear of paying too little tax, and the possible consequences, means we can end up paying too much.
The most common areas where we tend to waste tax are:
- Savings (e.g. by not using or under-using cash ISAs)
- Retirement planning (e.g. by failing to make sufficient payments into pensions)
- Inheritance tax (e.g. by not planning ahead)
- Capital gains tax (e.g. by not holding stocks and shares in an ISA)
We can help you identify all your areas of tax wastage and advise you on ways to become more tax efficient, saving you a significant amount of money over the longer term. Should any changes in tax law occur that could affect you, in a positive or negative way, we would let you know.
If you have any questions, or for more information call us on 01622 745629.
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