Personal tax planning

Save some cash with tax planning

Picture this. You’re sitting with your better half trying to figure out how to stretch your salaries. You’ll cut back here, swap to that supplier, and pick up a few extra hours. You might even finish the discussion relatively happy. But there’s something that so many people don’t consider because they assume they’ll never be able to change it: their tax situation.

Many people can improve their tax situation and legally pay less than they are right now. But we’d be lying if we said it’s easy. 

Building a plan that works for you

Luckily, we’ve been looking at the tax code and helping people create strategies for years. Salary sacrifices, marriage allowances, capital gains tax allowances, inheritance-tax-free gifts and pension contributions. Those are just a few strategies that could work for you.

If you’re a business owner who isn’t thinking about personal tax planning, today’s the day that changes because you’re probably leaking money.

For instance, if you’re the director of a limited company and are just paying a salary, did you know you’re shooting yourself in the foot?
Instead, you should be paying yourself in dividends, which are taxed lower than salaries. So, if you’re a sole trader, you could benefit from incorporating, by improving your tax situation. Contact us to find out how else you could benefit.