Taxation

Tax Planning

Along with death, tax is one of life's few certainties. Whether its income tax, capital gains tax, or inheritence tax on our estate when we die, careful planning can make a big difference, regardless of your level of tax exposure.

Income tax

Payable above the income tax bands set annually by the Inland Revenue.

If you fall below the starting rate of tax, you should not have to pay tax on any interest you've earned on your savings. Therefore your bank or building society can provide you with Inland Revenue form R85 to apply for your interest to be paid gross.

Don't forget pension payments either. You may be able to pay further contributions to your pension, which can utilise some unused tax relief.

One other point to remember -  if one spouse is a tax payer and the other is not, or pays tax at a lower rate, it is worth considering switching some investments to take advantage of their unused tax allowances.

If you are self employed, then let us introduce you to our Chartered Accountant contacts who are experts and can help save you National Insurance and Corporation tax.

Capital Gains

Again you will have your own annual allowance per tax year.

This tax is only charged on a gain made from selling shares or other types of investments after your annual allowance. Remember your annual allowance cannot be rolled over to the next tax year. You do not pay Capital gains on selling your main residence.

Inheritence tax

After paying tax all of your life, you may be faced with the largest tax bill of all and you will not be here to sort this one out. Therefore, it's best to plan for this while you still have choices.

There are allowances and offsetting facilities that will help manage or reduce completely this potential liability and in association with our recommended Will writing professionals, we can advise on this.

General questions

If you have investments, pay higher rate income tax, or run your own business, you should have your position reviewed.

If you are married and one of you is in a higher rate tax bracket than the other, you should have your position reviewed.

If you or your partner came from overseas, you should have your position reviewed.

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The Financial Services Authority does not regulate taxation, tax planning or trust advice. Levels and bases of, and reliefs from, tax are subject to change.

Salus Financial Solutions is authorised and regulated by the Financial Services Authority (http://www.fsa.gov.uk/register/home.do). FSA Registration No: 536575