Personal Tax Planning in The Linleys

Get in touch

Tax Planning in The Linleys

At The Tax Advisors, we understand that personal tax planning can be daunting, but with the right guidance, it becomes a crucial tool for financial well-being.

As a team of professional, affordable tax accountants based in the UK, we specialise in helping individuals navigate the complexities of the UK tax system, ensuring they optimise their tax position while remaining compliant with all regulations.

Get in touch

What is Personal Tax Planning?

Personal tax planning refers to strategically managing an individual's finances to minimise tax liability within the legal framework.

Effective tax planning involves evaluating income, expenditures, investments, and personal circumstances to fully take advantage of tax reliefs, allowances, and exemptions.

Why is Personal Tax Planning Important?

  • Maximise Savings: Through efficient tax planning, you can reduce your tax liability and maximise your savings.

  • Financial Security: Proper tax planning ensures you are financially prepared for the future, whether saving for retirement, purchasing property, or passing wealth to the next generation.

  • Compliance: Meeting your tax obligations reduces the risk of penalties and interest charges from HM Revenue & Customs (HMRC).

Key Components of Personal Tax Planning

  1. Income Tax Planning:

    • Utilising Allowances: Make sure you use all your tax-free allowances, such as the Personal Allowance, Marriage Allowance, and savings allowance.

    • Dividend Income: Plan your dividend withdrawals to benefit from the lower dividend tax rates.

    • Salary Sacrifice: Consider salary sacrifice schemes to reduce taxable income, especially for pension contributions and childcare vouchers.

  2. Capital Gains Tax (CGT) Planning:

    • Annual Exempt Amount: Use your annual CGT exemption by realising gains each tax year.

    • Transferring Assets: Transfer assets between spouses to maximise CGT exemptions and utilise both parties' allowances.

    • Investments: Consider tax-efficient investments, such as Enterprise Investment Schemes (EIS) and Venture Capital Trusts (VCT), which offer CGT reliefs.

  3. Inheritance Tax (IHT) Planning:

    • Gifting: Utilise the annual gift allowance and make regular, exempt gifts to reduce the value of your estate.

    • Trusts: Setting up trusts can be an effective way to manage the distribution of your estate while reducing IHT liability.

    • Residence Nil Rate Band: Ensure you’re aware of and plan around the Residence Nil Rate Band, which can provide significant IHT relief when passing on your home.

  4. Pension Contributions:

    • Tax Relief: Pension contributions benefit from tax relief, which can significantly enhance your retirement savings.

    • Lifetime Allowance: Be mindful of the Lifetime Allowance for pensions, and plan to avoid any excess charges.

  5. Tax-Efficient Investments:

    • ISAs: Utilise Individual Savings Accounts (ISAs) for tax-free savings and investments.

    • Pension Funds: Maximise contributions to your pension to benefit from tax relief and long-term growth.

    • Tax-Advantaged Investments: Consider schemes like EIS, Seed Enterprise Investment Scheme (SEIS), and VCTs for tax-efficient growth.

FAQs about Personal Tax Plans in The Linleys

1. What is the Personal Allowance, and how does it affect my tax?

The Personal Allowance is the income you can earn each year without paying any Income Tax. For the 2023/24 tax year, the standard Personal Allowance is £12,570. However, this can be reduced if your income exceeds £100,000.

2. How can I reduce my Income Tax liability?

You can reduce your income tax liability by fully utilising allowances and reliefs, such as personal allowances, marriage allowances, and tax-efficient savings accounts like ISAs. Additionally, pension contributions and salary sacrifice schemes can lower your taxable income.

3. What is Capital Gains Tax, and how can I minimise it?

Capital Gains Tax (CGT) is charged on the profit made from selling an asset. You can minimise CGT by using your annual exemption, transferring assets between spouses, and investing in tax-efficient schemes like EIS or VCT.

4. How does Inheritance Tax work, and what can I do to plan for it?

Inheritance Tax (IHT) is charged on estates worth over £325,000 at a rate of 40%. To reduce your IHT liability, consider making gifts during your lifetime, setting up trusts, and ensuring you take advantage of the Residence Nil Rate Band.

5. What are the benefits of using ISAs for tax planning?

ISAs offer tax-free growth on investments and savings. You can contribute up to £20,000 per year into ISAs, and any interest, dividends, or capital gains earned within the ISA are free from UK tax.

Final Thoughts on Tax Planning in SN13 9

  • Personal tax planning helps individuals reduce tax liability.

  • The Tax Advisors provide professional tax advice.

  • UK tax system requires careful income tax planning.

  • Inheritance Tax planning involves gifting and trusts.

  • Capital Gains Tax can be minimised with tax-efficient investments.

  • Pension contributions offer tax relief for long-term savings.

Conclusion

At The Tax Advisors in The Linleys, we aim to make personal tax planning accessible and affordable for everyone.

Whether you need help with income tax, capital gains tax, inheritance tax, or any other aspect of personal finance, our experienced accountants guide you every step of the way.

Contact us today to ensure your financial future is secure and your tax liability minimised.

Get in touch

We cover The Linleys (Wiltshire)

Get in touch

We aim to get back to you in 1 working day.


Skip to

Gallery

Other locations available for personal tax planning
The Common Knook Brokenborough Whiteparish Berwick St James Urchfont Grittleton New Zealand Horton Elcombe Green, The Wilsford Landford West Kennett Teffont Evias Bowden Hill East Chisenbury All Cannings Ram Alley Coombe Barford St Martin Manningford Bohune Barrow Street Chapel Knapp Allington Figheldean Brixton Deverill Gasper Ansty Semley Upper Town Manningford Bruce Foxley Startley Cadley Keevil Conock Blackland Cleverton Coate Upper Chicksgrove Purlpit East Hatch Stockley Nettleton Green Fovant Westrop Wexcombe Redstocks Ogbourne Maizey Buttermere Conkwell Ditteridge Bourton Ogbourne St George Great Durnford Littleworth Bulkington Newton Thornend Pinckney Green Pinkney Alvediston Brook End Haydon Gastard Lawn Wroughton Yatton Keynell Birdbush Sodom Bemerton East Town Longhedge Chisbury Shalbourne Whaddon Long Cross Hullavington Upper Stratton Bottlesford Allington Hanging Langford Homington Nine Elms Henley Bishopstrow Manton Ford Normanton Ireland Leigh Park Oare Milston Charlton St Peter Cotmarsh Long Dean Greenman's Lane Bodenham Wootton Bassett Brinkworth Kingshill Stanton Fitzwarren Liden Pewsey North Tidworth Dinton Westwells Woodminton Purton Common Hilmarton Great Bedwyn Wilcot East Grimstead Cricklade Rodbourne Bottom Christian Malford Milford Kepnal Lye Green Spirthill Lower Woodford Box Hill Mooray Chapel Plaister West Lavington Purton Stoke Marten Charlcutt Lower Everleigh Milbourne Rook Street Bapton Little Chalfield West Hill Moor Green Bagshot Upper Up Broad's Green North Wraxall Winterbourne Monkton North Newnton Milton Lilbourne Whitepits Hindon Freshbrook Inmarsh Elm Cross Rivar Elston West Grimstead Yatesbury Kingsdown Dertfords Sandy Lane Newtown Hinton Parva Bullenhill Haxton Littleton Drew Vastern Longfield Lyneham Southbrook Aughton Fifield Kilmington Chippenham Callow Hill Winterbourne Stoke Broughton Gifford Norton Ferris Stanley Chelworth Upper Green Chelworth Lower Green Pickwick Haresfield Upton Blue Vein Draycot Fitz Payne Hilperton Marsh Corsley Heath Maiden Bradley Compton Bassett Little Somerford Eldene Berwick Bassett The Banks Rudloe North End Whaddon Stitchcombe Grange Park Cuckoo's Knob Straight Soley Corton Stratford Tony Goatacre Baydon Portash Inglesham Baverstock Larkhill The Warren West Chisenbury Melksham Luckington Lower Seagry Eastcourt Upton Scudamore Bugley The Spa Stoke Farthing Britford Great Wishford Moredon Sutton Veny Ramsbury Horningsham Fairwood Ebbesbourne Wake Woolley Green South Marston Berwick St John Rushall Ditchampton Huish Giddeahall Heddington Wick Upper Chute Heddington Gorse Hill Thingley Churchfields Restrop Brunton Orcheston Lower Zeals Little Marsh Littlecott Alton Priors Sopworth Broad Blunsdon Marston Hill Upavon Low Bridge Lower Chicksgrove Longbridge Deverill West Knoyle Colerne Alderbury Knapp Tidworth Tollard Royal Horpit Tilshead Redlynch Boreham Clanville Chedglow Notton Outmarsh Hilperton Charnage Quemerford Crudwell Stormore St Katharines Erlestoke Burton Westwood Covingham Leigh Dorcan Woodborough Easterton Sands Reybridge Easton Fyfield Sevenhampton Wingfield Knighton Rodbourne Walcot Upper Woodford Stoford Hoggington White Cross Milkwell Fonthill Bishop Queen Oak Upper Inglesham Westbrook Burton Studley Chute Forest Ashton Keynes Ratford Middlehill Burbage Hoopers Pool Steeple Ashton Misselfore Bowldown Bulford Camp Enford Cuckold's Green Rockley Tockenham Minety The Gibb Common Platt Great Ashley Pitton Lea Norleaze Hackthorn Tuckingmill Corston Collingbourne Kingston Broad Hinton Kinghay Middle Woodford Bewley Common Norrington Common Devizes Bowerhill Berryfield Lower Studley Sharcott Gomeldon Avoncliff Marston Meysey Charlton All Saints Donhead St Andrew Sherrington Southcott Marr Green Pewsey Wharf Perry Green West Yatton East Winterslow Thornhill Hannington Tidcombe Preston Clevancy Widbrook Hisomley Cowesfield Green Ludwell Kingston Deverill Bishopdown Cadley Woolley Tytherington Halfway Coped Hall Heytesbury Sutton Benger Amesbury Ludgershall Alcombe Lockeridge Dene Berwick St Leonard Crockerton Marden Upper Wraxall Ashton Common Derry Fields Cherhill Atworth Easterton Hudswell Marlborough Broad Chalke North Wroughton Nythe Ham Allington Preston Winterbourne Bassett Potterne Froxfield Dilton Marsh Trowle Common New Town Bishopstone Newton Tony Worton Malmesbury Odstock Compton Gare Hill Southwick Stanton St Quintin Netherhampton Swanborough Shute End Fosbury Pole's Hole Sunton Little Ashley Coate Burcombe Stapleford West Amesbury Avon Westdown Camp Hannington Wick Stockton Beechingstoke Foscote Brokerswood Milton Broadbush Calne Lake Bishopstone Fiddington Sands Netheravon Patney Cross Keys Easton Town Mountain Bower Higher Pertwood Dauntsey Lock Derry Hill Chittoe Bromham Cloatley End Beanacre Sutton Row Turleigh Lower Stanton St Quintin Lydiard Tregoze Warminster Fifield Bavant Easton Royal Littleton Panell Aldbourne Newtown South Wraxall South Newton Upper Pickwick Hankerton Landfordwood Middle Winterslow Mead End Greenwich Seend Filands West Ashton Monkton Deverill Westwood Park Poulshot Eden Vale Roundway Westbury Milkhouse Water Monkton Farleigh Blunsdon St Andrew Knowle West Kington Maddington Nettleton Shrub Everleigh Great Cheverell Etchilhampton Limpers Hill West End Holt Shrewton Woodfalls Hitcombe Bottom Greenmeadow West Winterslow Axford Corsham Ham, The Codford St Peter Crooked Soley Bratton Broad Street West End Corsley Norton Deptford Huntenhull Green Great Hinton Henfords Marsh Bremhill Wick Great Chalfield Norton Bavant Wolverton Alton Quidhampton Bulford Kilmington Common Roughmoor The Ridge Bushton White Hill Barkers Hill Newbury Lower Chute Yarnbrook Wilton Hodson Sells Green Chicklade Hill Deverill Catcomb Charlton Stratton St Margaret Leigh Delamere Winterbourne Dauntsey Chiseldon Little Salisbury Fonthill Gifford Dunge Bradenstoke Mount Sorrel Hawkeridge Badbury Wick Chelworth Rodbourne Murcott Seagry Heath Hook Lower Blunsdon Forewoods Common Little Cheverell Ford Chute Cadley Middlewick Pinehurst Castle Combe Box Dauntsey Highway Eastcourt Perham Down Biddestone Charlton Tytherton Lucas Avebury West End Foxham Upper Studley Harnham Sturford Lavington Sands Tisbury Seend Cleeve Warminster Common Lower Wanborough Badbury Firsdown Neston Widham Draycot Foliat Manningford Abbots Willesley North Bradley Garsdon Liddington Clench Staverton Sedgehill Pewsham Avebury Trusloe Netton Leafield Tanis Oaksey Lane End Clench Common Braydon Side Sambourne Chilton Foliat Slaughterford Latton Westlea West Crudwell Penknap Hurdcott Marston Imber Easton Grey Castle Eaton The Fox Melksham Forest Fittleton Westbury Leigh Common, The Chapmanslade Little Bedwyn Chicksgrove Whitbourne Moor Lockeridge Pitts, The Townsend Seend Head Old Town Farleigh Wick Strangways Salisbury Rollestone Camp Bradford Leigh Hayes Knoll Monk's Park Mile Elm Allington Bar Cold Harbour East Tytherton Kingsdown Drynham The Common West Dean Stibb Green Bremhill Codford St Mary Highworth The Barton Overtown The Linleys Kington St Michael Fisherton de la Mere Lower Wraxall Compton Chamberlayne Henley Winterbourne Earls Bradford-On-Avon Little Durnford Laverstock Semington Oxenwood Coulston Dursley Shaw Fox Holes Horsedown Idmiston Wootton Rivers Sutton Mandeville Hilcott Croucheston Upper Upham Ferne Chilmark Salterton Mid Wilts Way Okus New Mill Brigmerston Steeple Langford Mere East Everleigh Honeystreet New Town Bullock's Horn Broad Town Haydon Wick Potterne Wick Farley Lower Stratton Upton Lovell Northbrook Freshford Shaw Waterhay Short Street West Kington Wick Hillside Clyffe Pypard The Strand Beckhampton Wanborough East Kennett Sherston Knockdown Kington Langley Thickwood Ansty Coombe Boscombe Great Somerford Stert Crofton Boyton Lydiard Plain Wick Cotswold Community The Shoe Littleton Alton Barnes New Town Draycot Cerne Swindon South Tidworth West Stowell Lydiard Green Temple Brook Waters Townsend Buck Hill Rollestone Underhill Crockerton Green Lacock Mildenhall Sawyers Hill Ridge Ogbourne St Andrew Longstreet Little Horton Porton Zeals Kellaways Stourton Calstone Wellington Even Swindon Purton Redlands West Overton Horsey Down Hook Street Lydiard Millicent Calcutt Swallowcliffe Collingbourne Ducis Penhill Bleet Calne Marsh Langley Burrell Nursteed Cuckoo's Corner Peckingell Coombe Bissett Chitterne Chute Standen Whitley Bulbridge Winterbourne Gunner Serrington Bowerchalke Stratford Sub Castle Tockenham Wick Whittonditch Mount Cowdown Nettleton East Grafton Cold Harbour East Knoyle Winsley Fyfield Eastcott Ablington Wilton Forest Hill Donhead St Mary Hailstone Hill Woodcock Theobald's Green Sem Hill Upper Minety Clearwood Cloatley Holloway The Stocks Bemerton Heath Westcourt Ballard's Ash Durrington Edington Toothill Cholderton Bohemia Thoulstone Nomansland West Hatch Broomfield Upper Seagry Chirton Morgan's Vale Hampton Lower Moor Church End Fugglestone St Peter Studley Green Penleigh Bishops Cannings Ugford Eastrip Greatfield Market Lavington Heywood Little Langford Lover Causeway End Wylye Durley Nunton Downton Woodsend Teffont Magna Stanton St Bernard Dunkirk Wedhampton Green Hill Ashley Clatford Chalford Rowde Coombe Hamptworth Uffcott Wilsford Wadswick Wardour Ratfyn Alderton West Grafton Ham Green Trowbridge