Tax planning refers to the use of perfectly legitimate tax mitigation strategies to minimise the erosion of your wealth.
The UK taxation system is notorious for its complexity, with a variety of levies payable on income, capital gains and inheritance at different levels and at different times for different people. Having the help of a professional adviser can make all the difference to your personal wealth.
It is essential to take a knowledgeable and structured approach to your tax affairs by ensuring that your investments and all your financial affairs are optimised for tax-efficiency. There are, a number of tax-efficient investment strategies that your wealth manager will be able to suggest in order to limit your tax bill.
Estate planning includes a variety of elements, many of which can blur the lines between financial and legal services. Estate planning is far from the preserve of the super-wealthy and those of even fairly modest affluence should explore what a wealth manager could do to preserve as much of their assets for their family as possible. Ways of mitigating inheritance tax could include tax-efficient investments, or even deploying what is known as the “seven year gifting rule”. But estate planning decisions are rarely simple: passing on your wealth needs to be carefully thought out. People are now living longer than ever. You have to consider maintaining your lifestyle over a retirement which could perhaps last for several decades. Moreover, many could eventually find themselves having to meet residential care costs amounting to upwards of £20,000 a year. Your wealth manager will help you take an objective look at all your options before designing a strategy precisely aligned with your financial needs.