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Tax Planning

Tax Planning

At this time of year, we think about New Year’s resolutions, and it’s also a good time to start planning your tax affairs before the end of the tax year on 5 April

Everything you need to know about ISAs

Everything you need to know about ISAs

We’ve answered some typical questions we get asked about how to best use the ISA allowance to help make the most of the opportunities as this tax year draws to a close.

Family financial planning

With our family financial planning service we can advise on tax and wealth strategies for you and your family, ensuring that you meet your financial goals and protect your wealth for future generations.

Know your allowances and exemptions

By using the available Personal Allowances and Capital Gains exemptions, a couple with two children could have income and gains of at least £98,000 tax-free, and income up to £200,000 before paying any higher rate tax.

Your tax planning objectives should include taking advantage of tax-free opportunities; keeping marginal tax rates as low as possible.

This may include transferring income producing assets but you would need to consider the relevant taxes and the advice would vary depending on whether or not you are married or in a civil partnership.

Marriage allowance

Some married couples and civil partnerships can transfer a fixed amount of their Personal Allowance to their partner. This is available where neither pays the higher rate of tax. If eligible, one partner will be able to transfer 10% of their personal allowance to the other, providing a potential benefit of £250.

Child benefit

If either partner earns over £50,000 in a tax year, the Child Benefit Charge applies. The charge applies at a rate of 1% of the full Child Benefit award for each £100 where earnings are between £50,000 and £60,000. The charge on taxpayers with income over £60,000 will be equal to the Child Benefit received.

Grandparents trust planning

This can be effective for both the grandparents and the children. Where grandparents want to provide for their grandchildren and cut their own Inheritance Tax (IHT) bill coupled with ensuring the children’s Personal Allowances are used each year. The type of trust and underlying investment would be considered on a case by case basis to best suit the family needs.

Life assurance

Life Assurance is designed to provide your family with a lump sum or regular income should you die during a predetermined period of time. It is also possible to include critical illness cover, which would provide cover should you suffer a critical illness. Read more about life assurance.

Savings for your children

There are many options to save for your child’s future including Junior ISAs, Regular Savings Unit Trust and Pensions, and each have pros and cons depending on your circumstances.

Contingency plan

Whilst maximising your income and protecting your wealth is important, ensuing your family have a plan should you die or become incapacitated is key. Having Wills and Powers of Attorney in place is therefore vital.

Contact our Tax team to discuss your financial goals today.

Speak to a family financial planning expert

Chris Slatter

Wealth Planning Director


Jo Mara

Chartered Financial Planner


Nicola Harte

Senior Manager


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