Why pay more in taxes than you need to?
John Bruce
OVER the past few years the onus of managing tax affairs has shifted increasingly to the individual.
However, our awareness and actions are not keeping pace and the mountain of tax waste keeps growing. Therefore, the tax man is getting far more money than he is entitled to from you.
Why pay more than you need to? From avoiding fines and charges, to claiming what is rightfully yours, everyone should take tax action now.
Whatever happens in the coming months, I guarantee that an increasing tax regime will begin in order to start paying off the UK’s debts. It is important to acknowledge that everyone’s financial circumstances are unique and so too will be the tax-efficient options open to you.
Discussing your tax-efficient financial planning with an independent financial advisor is a great place to start and I will be able to talk you through the ways in which you can keep your tax waste to a minimum. No matter what your investment circumstances, there is a tax shelter for you.
Be it something as simplistic as an ISA or something more complicated such as a VCT or an EIS, it is important that you claim as much tax relief as you possibly can.
When making investment choices the decisions can be between the types of tax shelter you invest in versus the potential fund performance within that tax shelter.
In some circumstances it may be important to focus on where the monies can be invested, in order to make the maximum returns, with the tax shelter coming as a secondary. On other occasions the tax shelter is the most important object of the investment and the fund return potential secondary. There is certainly nothing wrong with having a mixture of investments.
Although VCTs and EISs will not be for everyone they are certainly a valuable investment vehicle. Whatever your investment needs, there is an appropriate shelter and investment strategy to meet them.
If you have a portfolio with a minimum of £100,000 or are looking to invest new monies of at least £100,000, do not hesitate to call me for an investment strategy that suits your unique circumstances.
John Bruce runs John Bruce & Co Legal & Financial, tel 0191 230 8084.
There is certainly nothing wrong with having a mixture of investments
