If you haven’t done any tax planning before then the 50% tax rate might cause you to think again- especially as there is a 60% tax rate pitfall for those who earn between £100,000 and £115,000!

What can you do? Well the first thing to do is to take tax advice – that might be why you are reading this page, to find out more about tax saving strategies.

Tax planning all depends upon your circumstances. There is no ‘one size fits all’ answer that will work for everybody. There are things that will work for business owners but not for high earning employees and things that will work for employees and not for business owners. But the good news is that there is a range of tax saving strategies to help minimize your tax bills.

Things that we consider are firstly the basics - making sure the principles of independent taxation and utilization of tax allowances and tax friendly investments are working for you. It is a sad fact that not everyone has made sure that these basics have been followed through in their tax planning.

Once the basics have been sorted, we look at simple tax planning like pension contributions or salary v. Dividends.

Then we might look at more sophisticated planning like:

• Salary sacrifice schemes
• Employee Benefit Trusts
• Unapproved pension schemes
• Stamp duty reduction planning
• IR35 and status
• Expatriation planning
• Business sales planning
• Limited Liability Partnerships

If you want to find out what we can do to save tax for you – and lets face it, why shouldn’t you!
Get in touch to book a free initial meeting with one of our tax specialists.

Ring 01234 752566 or email info@vowles.co.uk