High earners and high-net-worth individuals are the highest taxpayers and paying unnecessary tax can significantly reduce your wealth. Although there are tax-efficient strategies which can reduce your tax burden, the UK tax system is highly complex. Using a financial planner can help you navigate the complexities and identify the most tax-efficient approach to preserve your wealth.
Tax planning is integral to good wealth management, and we can help you to structure your finances tax-efficiently to make the most of the available allowances.
Our goal in tax planning is to arrange your financial affairs as efficiently as possible, and thereby reduce the level of tax paid. Our process for doing this is as follows:
We begin by understanding your current situation - your sources of income, savings and investments, your regular expenditure and debts, and your wealth planning.
With a clear picture of your current finances, we can identify and recommend ways to structure your arrangements more tax-efficiently. These might include tax-incentivised investing such as pensions, Venture Capital Trust (VCT), Enterprise Investment Scheme (EIS), or using trusts.
Once you are happy with the plan, we will put these tax structures in place and monitor them within your wealth management plan.
Tax planning is an ongoing process as tax legislation changes regularly, so we will review and adapt your planning overtime to maximise tax mitigation and preserve more of your wealth.
To reduce your tax liability and make more of your wealth, please get in touch for an initial discussion with one of our financial advisers.
As a higher or additional-rate taxpayer, income tax can take a significant proportion of your annual income, however, there are several ways to reduce the amount of tax you pay, such as:
Capital Gains Tax (CGT) is a tax on the profit when you sell an asset that has increased in value. This covers most assets including shares, collective investments, and property that isn’t your main home. There are many ways to reduce CGT, including:
Inheritance Tax is a tax on the estate of someone who has died, including all property, possessions and money. Depending on the value of your estate, the Inheritance Tax bill to your loved ones after your death could be considerable. There are ways to limit inheritance tax, including:
Although the tax-reducing options are wide and varied, they can be complicated to implement, so professional advice is essential. We will advise on the best course of action for your circumstances and help you to maximise your tax reliefs, allowances and exemptions.
The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
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Foresight Financial Planning is the trading name of Foresight Financial Planning Limited whose registered address is as above.
Registered in England, company number is 4119450. Foresight Financial Planning Limited is authorised and regulated by the Financial Conduct Authority and can be found on the Financial Services Register https://register.fca.org.uk/ under reference 788849. VAT registration number 289409553.
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