We are meticulous in helping you with your tax planning
Our Tax Planning advice is seamlessly intertwined within all our other financial services: Protection, Investments, Retirement Planning, and Estate Planning because there are Tax Planning considerations at all stages of financial planning.
As a rule of thumb, maximising tax-efficiency is a key fundamental to any long-term financial plan. As independent financial advisers, we are here to analyse, evaluate, and assess whether your wealth is as tax efficient as possible – if it’s not, then we have the experience and expertise to advise you on making suitable adjustments.
By following to our advice, you may be able to manage your savings, protection plans, investments and pensions in a more tax efficient manner.
Tax Planning
Our Tax Planning advice is seamlessly intertwined within all our other financial services, because it is a fundamental element for us to provide tax-efficient advice across all your financial planning.
What we offer
We have years of experience giving Tax Planning advice. By consulting with you, we can help assess your options in order to ensure you are maximising your tax efficiencies in a legal and appropriate manner. We can advise you on utilising relevant products and allowances to help reduce your liabilities to the following types of taxation:
Income Tax (IT) - Paid on different sources of income such as a salary, self-employed income, savings and dividend income, pension income or rental income. Everyone has an annual tax-free allowance, above which Income Tax (IT) is paid. The amount of tax you pay each year can be reduced by making the best use of ISAs, pension contributions and pension withdrawals. These are just some of the many ways to make your Income Tax (IT) as low as possible.
Capital Gains Tax (CGT) - When an asset is sold there can be a Capital Gains Tax (CGT) liability if it was sold for more than the purchase price (the capital gain). As with Income Tax (IT), maximising annual ISA and pension contribution allowances can help with reducing the tax liability you owe. Selling assets within your annual Capital Gains Tax (CGT) allowance is also a useful strategy.
Inheritance Tax (IHT) - When someone passes away, if the total value of their estate is above their Nil Rate Band (NRB) allowances then there will be Inheritance Tax (IHT) to pay. Early planning can help to reduce or fully remove an estate being subject to this tax. Planning tools in this area of taxation include setting up a Trust, taking out a Whole of Life Assurance (WoL) policy, lifetime gifting and some specific investment products can help reduce Inheritance Tax (IHT)!
Corporation Tax (CT) - Our focus with Corporation Tax is to assist Limited Company Directors in reducing the tax their business pays each financial year. This is mainly achieved through various expenses paid through the company such as personal pension contributions and setting up certain types of protection plan which can be paid for by the Limited Company. These strategies can reduce the companies profit, and therefore subsequent Corporation Tax (CT) bill. We can advise on all the intricacies in this area.
Risk Warnings: 1) HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen. 2) The Financial Conduct Authority does not regulate some aspects of Tax Planning.Your Tax Planning is in safe hands…
Richard French is the Founder of 5 Talents Financial Planning and has a level 4 Diploma for Financial Advisors (DipFA).
As an Independent Financial Adviser, Richard is vastly experienced in all Tax Planning areas and will provide expert guidance and advice to suit your specific needs and make you tax efficient.
Request a free
Tax Planning consultation
To request a free Tax Planning consultation, simply enter your name, email address, and phone number into the form and we’ll be in touch soon!
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What happens next?
I have requested my Tax Planning initial consultation, what happens next?
We will contact you with a choice of dates and times so you can select one that works best for you. We can do your initial consultation over the phone or on a video call.
During your initial consultation, we will discuss your situation with you to develop an understanding of your requirements and objectives. It will also be a chance for you to ask any questions you might have about the services we offer at 5 Talents Financial Planning.
If you choose to progress with us, we will look to get some more in-depth information so we can design a bespoke proposal which details our advice on your available options. We’d look to do this face-to-face or via video call if you are located outside of Dorset.
Our Tax Planning service is for the long-term. We are experts on this and we’re here to help you now, tomorrow, and well into the future.
Frequently Asked Questions (FAQs) about Tax Planning
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Tax planning involves evaluating a financial situation and creating a plan to ensure all financial elements work together to allow an individual to pay the lowest amount of tax, in line with the relevant tax laws. Tax planning is a fundamental part of any individual’s financial planning strategy.
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Conducting thorough tax planning will use different strategies to potentially allow you to reduce the amount of tax you owe. It will enable you to identify ways to take advantage of various allowances, exemptions, and incentives. Tailored tax plans can be customised to fit your own financial situation as well as your needs as both an individual and/or business. This can help you increase the value of your assets due to paying less in taxes.
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