Fenn & Co - Personal Tax

Accountants, Tax Advisers And Business Consultants

PERSONAL TAX

Some general points can be made when planning for efficient taxation of the family.

Any plan must take into account specific circumstances and it is important that any proposed course of action gives consideration to all areas of tax that may be affected by the proposals.

Tax savings can only be achieved if an appropriate course of action is planned in advance. It is therefore vital that professional advice is sought at an early stage. We would welcome the chance to tailor a plan to your own personal circumstances.

Married couples are subject to a system of independent taxation under which husbands and wives are taxed separately. This can give rise to valuable tax planning opportunities. Furthermore, the tax position of any children is important.

The main areas of importance where advance planning can help to minimise overall personal tax liabilities include:-

Ø Income tax allowances and tax bands

Ø Joint ownership of assets

Ø Capital gains tax

Ø Inheritance tax

The last two can potentially result in very substantial tax savings.

The primary feature and reason for personal tax planning is that any tax savings may result in the diversion of income or assets, but these will still be received by the family as a whole.

Finally of course we prepare the full range of Personal Self-Assessment Tax Returns and deal with any enquiries held by the Inland Revenue into these. The various penalties enforceable by the Inland Revenue for late or incorrect Tax Returns are now potentially very severe. Therefore it is in your own best interests to seek professional advice.

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