Planning your taxes
When it comes to taxes, whether it’s income tax, corporation tax, or VAT, it is sensible to ensure you aren’t paying more than you need to. Taxation can be very difficult and the rules, reliefs and allowances often change, therefore it’s important to make sure you are aware of the current laws to make sure you can manage your personal finances in a tax-efficient way. Bibby and Co understand how taxation works, we can help you be better prepared to manage your finances, and could end up saving money in the long run.
In the UK, the tax year runs from 6 April through to 5 April. During this time the Government requires everyone to pay an appropriate level of income tax on their earned income, which helps to pay for education and healthcare. As well as paying income tax, you could potentially be liable for capital gains tax on profits you make from any chargeable assets you have sold, or for tax on gifts you have made during your lifetime. If your estate is over a certain value when you pass away, it will also be subject to tax, known as Inheritance Tax.
Tax planning is best done with the help of Bibby and Co, we will be able to help you plan your taxes in advance, and come up with effective strategies that will use the lawful reliefs and allowances to minimise the amount you have to pay. We will assess your financial situation, and look at your financial goals to help come up with a suitable strategy for you.
Do you need to know these answers?
- If I’ve been paying too much tax, can I get it back?
- How can I plan to reduce the taxes I have to pay?
- What rate of income tax rate should I be paying?