Reducing the tax you pay
As the saying goes, nothing in life is certain except death and taxes. But you can ensure that you don’t pay more tax than you need to. If you have investments, pensions or even just own your home, you could end up paying the taxman too much.
Inheritance tax is often of grave concern, and if you own your home it’s possible that you could be caught out simply due to increases in the value of your property. If this applies to you, we can help you plan for the inevitable and make sure your children or grandchildren aren’t left unprepared for a large tax bill.
Tax is a complicated area, so at TRPP we can help you ensure your financial affairs are structured in a way that makes the most of the tax breaks available to you. This isn’t about avoiding tax but is simply about understanding and selecting the correct options which are open to all of us. If you have significant funds, your savings could be worthwhile by making a few simple changes, for example:
- timing when you realise investment gains or take pension income;
- moving money to your spouse to benefit from a lower tax band; or
- setting up trust arrangements to ensure your loved ones benefit as much as possible from your hard-earned savings.