Tax Planning

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Doesn't everybody pay tax? How can we help?

In one way or another we all do. Whether it be putting petrol in the car, purchases from the shop, council tax, income tax, corporation tax or inheritance tax. 

Tax planning can help you to save money using legitimate strategies with help and guidance. The amount of tax you could potentially save differs depending on your individual circumstances. Could one of our advisers help you with your tax planning? 

Working with you to help achieve the life and financial goals that will enable you to enjoy a brighter financial future.

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National Insurance

Workers and employers pay National Insurance (NI) to fund state benefits. UK citizens pay National Insurance contributions so that they can be eligible for benefits such as state pension, maternity leave, statutory sick pay or entitlement for additional unemployment benefits.

All employees, employers and self-employed individuals pay National Insurance until they reach state pension age. In some circumstances, you may qualify for National Insurance credits, i.e. if you earn an uncertain wage or are acting as a carer.

You will need to pay NI for a set number of years before you will be entitled to receive the state pension. Click here for this years National Insurance rates

Income Tax

Income tax is a tax based directly on your income. Put simply income tax is a tax on your earnings, once they go above your personal allowance, you need to pay tax on different sources of income. Such as:

  • Employment Income
  • Pension Income
  • Savings Interest
  • Rental Income
  • Benefits from Employment
  • Income from a Trust.

You do not need to pay tax on:

  • Income from tax-exempt accounts – such as ISA’s
  • Working tax credits
  • Premium Bonds
  • National savings certificates.

The level of personal allowance changes each year. Check with the HMRC website to find out what they are for this year.

Corporation Tax

All limited companies are required to pay Corporation Tax and is payable against company profits. Profits are seen to be any money after deductible costs and expenses, or any amount after overheads, salaries and expenses incurred during the operation of the business – for example marketing costs or raw materials.

Corporation Tax is aligned with the financial year of the business. However, there are some exclusions to this, such as a new business changing its year-end date.

As well as being payable on company profits for its financial year, Corporation Tax will also be due on any amount the business makes from investments, and from selling assets for more than the original cost – known as chargeable gains. Click here for this years Corporation Tax rates

Download our Guide to Tax Planning. Lifestyle Financial Planners, Lifestyle Financial Planning, Life Centred Financial Planning, Life Centred Financial Planners, Independent Financial Adviser, Independent Financial Advisor, IFA Local, Life Style Financial Consultant, Life Centred Financial Consultant, Personal Financial Planning, Financial Planning, Personal Financial Planning, Personal Finances, Financial Consultant, Pensions, Pensions Planner, Retirement Planning, Retirement Planner, Tax Planning, Tax Planning Consultant, Tax Planning Adviser, Tax Consultant, Tax Planning Advisor, Cash Flow Budgeting, Banking, Insurance, Term Assurance, Mortgage Consultant, Mortgage Adviser, Mortgage Advisor, Mortgages, Savings, Pesonal Savings, Investments, Estate Planning, Estate Planner, Later Life Planning, Wealth Management, Business Adviser, Business Consultant, Forecasting, Investments, Portfolio Planning, Financial Guidance, Financial Security, Family Protection, Critical Illness, Critical Illness Planning, Critical Illness Protection, Tax Efficient Savings, Tax Planning, Tax Efficient Investments, Saving For Long Term Goals, Savings For Long Term Care, Life Centred Financial Advice, Life Centred Adviser, Life Centred Advisor, Life Centered Planning, Life Centered Adviser, Cash Flow Forecasting, Residence Nil Rate Band, Land Registry, Tracing Land Registry Form, Financial Planning, Financial Planners, Work To Live Financial Planning, What is Inflation, How to beat Inflation, Selling a property in a limited company, SSAS Pensions, SSAS Pension, What is a SSAS, What is a SIPP, SIPP Planning, SSAS Planner, SIPP Planner, SSAS Planning, Stakeholder Pansions, Financial Freedom Reviews, When Can I Draw My State Pension, Saving Money, Ways To Save Money, Ways To Save money on a Tight Budget, Land Registry, What is An Annuity, Annuities, Lower My Bills, Nil Rate Band, Inheritance Tax Advice, Essential Corporate Solutions, Inheritance Tax Residence Nil Rate Band, Debt Relief Order, Life Planning, Financial Advice East Sussex, Mike Robertson, Split The Bills, The Residence Nil Rate Band, The Best Saving Schemes, What is a Venture Capital Trust, What Is A VCT, What Is A EIS, What Is An Enterprise Investment Scheme, Is A Financial Planner Important, What Can a Financial Planner do for me, Do I need Financial Planning, Do I need Financial Planning, Do I need a Financial Planner, Do You Need a Financial Adviser, Eight Steps to choosing a Financial Adviser, Getting Financial Advice, Need Financial Planning, Why Do You need a Financial Adviser, What is A Financial Adviser, Pensions Advice

Download Our Complimentary Guide

What you'll find in our guide

  • How can I reduce tax?
  • Why do I need tax planning?
  • What are VCT's, EIS', SEIS', ISA's and BR?
  • When was the last time someone discussed reducing tax?

Tax Planning Blogs from MRA

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