Tax and Estate Planning

Tax treatment is based on individual circumstances and may be subject to change in the future.

Is it worth seeing an IFA?

  • Tax can be one of your biggest single costs. It is not surprising that tax planning is one of the key aspects of formulating a financial plan. There are often considerable areas in which we can reduce the impact of taxation. The main types of tax are:
  • Tax on your earnings. This can have a major impact in the form of income tax and national insurance contributions as well as the corporation tax levied on a company’s profits. Planning can be very effective encompassing such areas as pensions and employee benefits and the use of alternative methods of drawing profits from your company.
  • Tax on your investments. This can erode a high proportion of your income and gains. Tax should not be the main driver of investment strategy, but planning can make a considerable difference to your after-tax returns.
  • Tax on your estate.This can substantially reduce the amount that you can pass to your beneficiaries. The scope for effective and totally legal tax planning is considerable.

Estate planning involves tax, but it encompasses much more. As with most tax planning, the key is to:-

  • know what you want to achieve
  • know who should benefit after your death and what they should receive, and
  • know who you want to make gifts to both now and in the future.
 
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Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from taxation, are subject to change.
The FCA does not regulate tax advice. Tax rules are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
The Financial Conduct Authority does not regulate Tax and Estate Planning.

Malcolm Barclay

For more information on tax & estate planning contact Malcolm Barclay on:

Tel: 01206 871120
Email: malcolm.ifa@bgafs.co.uk

We will use your name, email address and contact number ('personal information') to contact you about the services you have requested or respond to an enquiry you have submitted, which will require us to share your personal information with our advisers. For further information on how your information is used, including disclosure to third parties, how we maintain security of your information and your rights in relation to the information we hold about you, please see our Privacy Policy or contact info@bgafs.co.uk or 01206 871120 to obtain a copy.

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