Understanding personal taxation can appear complicated but it does not have to be.  Effective tax advice is important to achieving your financial goals and also effective tax planning is an important part of personal wealth management.

At Iceni Financial Advisers, we will help you use existing tax laws to your advantage and this will often substantially reduce the tax you pay.  Accordingly, we preserve your wealth, both for you and your family.  Income tax planning will make a significant difference to the tax you pay.  By planning ahead for income tax, you will take advantage of any opportunities to minimise your tax bill.  Personal tax planning will present additional options, e.g. capital gains tax and inheritance tax.

  • Income Tax – Income tax is a tax on income.  This includes earnings from employment, earnings from being self-employed, pensions income, interest on savings, income from shares (dividends), rental income, and income from a trust.

  • Capital Gains Tax – Capital gains tax is the tax you pay on the profit or gains earned from the sale of property. This may include buy-to-let properties, land and inherited properties.

  • Inheritance Tax – Inheritance tax is a tax on assets upon the death of an individual. The current threshold for Inheritance Tax is £325,000.  The amount over this threshold may be subject to Inheritance Tax however; there are ways around this.  In April 2017, the new Residential Nil Rate Band was introduced.  This is applied to those passing on their main residence to direct descendants.  The current allowance is £175,000 per person or £325,000 for married couples and civil partners.  

  • Corporation Tax – Corporation Tax is the tax you pay on the profits earned from the running of your business.

  • Resident and Domicile Tax – There is no simple or straightforward explanation of resident and domicile tax. Basically, those who are resident and domiciled in the UK will pay tax in the UK on their worldwide income and gains.  Those who are not resident in the UK are only subject to UK tax on certain UK income and gains.  Furthermore, those who are resident in the UK but domiciled elsewhere are subject to UK tax on their UK income and UK gains.

Confused or need advice on any of the above?  To arrange a free initial consultation call us today on 01603-957599.