It's essential to consider all aspects of your business and personal circumstances when developing your tax planning strategy.
Each member of your family is entitled to a tax allowance and specific reliefs. These allowances are allocated from birth and remain available until death. Utilising your family's allowances and reliefs is a wise approach to minimise the taxes you pay while maximising the income and asset value for you and your family.
Family trusts are a well-established and legitimate method for tax and wealth planning. Additionally, if you own a business or hold a significant share in one, it may be beneficial to explore sharing business profits with family members through dividend payments as part of your tax planning.
We can advise you on a range of tax planning opportunities that are available to you and your family, including:
- Tax efficient and friendly investments and savings products for children.
- Setting up family trusts to defer and/or mitigate against capital gains tax liabilities.
- Involving the younger family members, spouses and other relatives in the business by devising tax-efficient remuneration strategies.
- Planning for school, university/college fees, living costs and potential property ownership/rental with a view to reducing and/or mitigating tax liabilities.
- Pension planning for children – yes, there is no better time to start planning.
- Assisted living, care home and nursing home fees – there are two things that you can be sure of in life, taxes and that the cost of living longer is going to rise exponentially over the next decade. You should prepare yourself for longer life, whilst minimising the impact it could have on what you want to pass on to your beneficiaries.
It’s never too early to start planning for pensions and addressing the rising costs of assisted living and care homes.
Take control of your financial future and secure a prosperous legacy for your loved ones. Contact us today to explore these tax-saving possibilities and ensure your family’s financial well-being.