With the cost of living continuing to increase and more individuals finding themselves becoming higher or even additional rate taxpayers, it is more important than ever to consider the ways in which you might reduce your personal tax burden – and that of your family overall.
Basic housekeeping measures like ensuring family members make full use of their personal allowances and transferring ownership of income generating assets to those who pay tax at the lowest rate will help. For example, a transfer from a spouse who earns between £100,000 to £114,950 in 2011/12 to a spouse earning well below this amount can mitigate a 60% marginal rate of tax.
Did you know tax relief is available on all qualifying gift aid donations, by way of a reduction to the amount of tax payable at the higher and additional rates of tax. Contributions made after the end of the tax year can be carried back to the previous year by way of an election in your tax return for the previous year.
More advanced planning to shelter income from tax, via efficient investments and pensions can create further savings.
Our Entrepreneur and Private Client advisers can help you review your current situation and, with your financial aspirations in mind, they will offer flexible and bespoke tax and financial planning solutions to minimise your tax and maximise your wealth.
There are many tax rules that can affect you personally and therefore which will have an impact on your personal wealth. Grant Thornton can help with income tax planning, complete your tax return on your behalf, calculate your tax liability and advise you exactly when to make payments and how much to pay.
For further information on Income Tax, please click here or contact us on firstname.lastname@example.org