I had a friend that years ago had worked out that with his given rate of tax and National Insurance, he was effectively working for the Government until mid afternoon on a Tuesday before he made any money for himself.
Given our current levels of tax, I wonder what he’d make of things now?
He could well be working until late Thursday with top rates of tax being 50%.
We know that reducing the tax burden is one of the 5 key concerns of our clients and that this has never been more acute. I hear from people on a daily basis that they are looking for ways to pay less tax.
Interestingly, they always want to look to the esoteric methods rather than the tried and tested.
So please speak to your adviser and make sure you’re maximising your ISA allowance, pension contributions, CGT annual exemptions, IHT allowances – use a relevant life policy through your limited company if your able and save corporation tax on your life cover premiums.
If you want more, then certainly look at the improved tax breaks Venture Capital Trusts & Enterprise Investment Schemes offer since the last budget (be well aware of the higher levels of risk that might be involved here.)
In short, pay your tax but make sure you take full advantage of the ways you can pay less.
I’ll be discussing the ways you can use financial planning tools to save tax in more detail in the coming weeks.
Call me anytime to discuss this further or any other aspect of your financial planning needs.
It’s really exciting to be writing my first blog for our new website. It’s taken a long time to get here but it’s been the right journey and I truly believe we have a fantastic Wealth Management experience finally in place.
At Oliver Asset Management we believe that putting the client at the head of any relationship is core to what we do.
It certainly appears to me that the genuine lack of true customer focus has become the norm and that people are resigned to a world of rules and regulations designed to hinder, confuse and frustrate.
Our banking system continues to struggle to regain customer confidence and I think it will be a while before “Customer Charters” and slick advertising slogans cut any real mustard with the general public.
People are savvy to when they are being spun a yarn and it’s high time our service industry woke up to this fact.
I believe people want to be treated fairly, with respect and to have things explained to them in an honest and straightforward way.
I also believe that people are happy to pay well for a good job and that if they get an exceptional experience, they’ll want to repeat it and tell their friends.
Our new website sets out our whole new process and our Wealth Management Formula but at the heart of all we do is a complete focus on ensuring you the customer have an exceptional experience and that you’ll be delighted that you entrusted us to help guide your financial plan for the future.
That’s the first of many blogs I’ll be getting out there but it’s a common theme that I’m sure that I’ll return to time and time again.
I’ll have comments weekly so do check in on a regular basis and give me a call anytime and see how we can help you personally.