Personal Tax Planning

Individual tax payers are exposed to a complex web of taxes, especially when investing in businesses, property and more diverse investment strategies. Planning for your future, retirement and succession also involves intricate considerations where good advice from highly experienced specialists is a must.

Protect yourself, your family and your future with specialist advice from a firm with over 160 years of heritage advising local people

Everyone has different aspects to their tax affairs, there is no one-size-fits-all approach. Our team of tax Partners and Consultants works closely with our clients to help them realise their aspirations with efficient and secure strategies to safeguard wealth.

Some of the areas we can help you with include:

Income Tax and National Insurance
Capital Gains Tax planning
Inheritance Tax strategies
EIS, SEIS and VCT Investment strategies
Administration and Estate planning
The use of Trusts and Settlements
International tax matters
Dealing with Tax Enquiries or Investigations
Seafarers and other more unique tax strucutres

Our Partners and Consultants also work closely with our own firm of Financial Planning Consultants. As such we can provide a uniquely joined up approach to all aspects of pension / retirement planning, investment strategies and tax efficient savings options.

Tax Rates 2020-2021 (0.32mb)

Different because you are

We pride ourselves in providing individually tailored services to our clients. Whatever your aspirations and priorities in business and life, we will be by your side with expert advice from local specialists. It is because your needs are unique, that the solutions we provide are distinct and personalised to you.

Personal Tax Planning is, by its very nature, an advisory led bespoke service. Our team of Partners and Consultants is hugely experienced and qualified and their advice is valued by a broad range of local business people and individuals. If you would like to speak to one of our team please get in touch to arrange a meeting or telephone call.

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Dental matters: Superannuation contributions

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FAQs

How easy is it to change accountants?

It is generally very straightforward to move to Lovewell Blake from another accountant. We will write to your previous adviser for professional clearance and also obtain copies of selected historic information such as last years accounts and tax references. We will then issue a letter of engagement and register as your tax agent direct with HMRC.

Why might I need Tax Investigation Cover?

Lovewell Blake Tax Investigation Cover will pay our professional fees for dealing with an HMRC investigation or enquiry.Our cover is market leading and there is no excess to pay. In the event of a tax investigation or enquiry we can handle everything including all correspondence with HMRC and even host meetings with the Inspector on your behalf.

Even if you have done nothing wrong it can take time to prove this to HMRC and deal with their letters and enquiries. Many of our clients value the peace of mind TIC provides. See our dedicated Tax Investigation Cover page for more information and to subscribe online.

Should I pay myself a salary or dividends?

If you operate a limited company, are a shareholder and have profit reserves, you could pay a dividend to shareholders. If you are doing this for tax planning purposes be careful of how all shareholders are treated, especially if they are family members and not actually working in the business.

Anyone receiving dividends can utilise the dividend allowance which means the first £2,000 received is taxed at 0%. Over £2,000 the basic rate tax charge on dividends is currently 7.5% with higher and additional rates for higher earners. Salaries incur PAYE and Employees National Insurance contributions. Employers also pay Employers National Insurance contributions. Whilst companies will receive corporation tax relief on these costs (which would not be the case for dividends) the comparative cost can often be higher than the dividend route.

Whether or not it will be beneficial for you to pay higher dividends and lower salaries will be a matter for review. There is no simple rule which will apply to all and with higher taxes on dividends the decision is much more negligible than it has been in the past. Much will depend on your other income, role in the business and corporate structure of your company.

Taking a step back though, if you are starting in business you may want to review your choice of business structure first. Consider the cost of operating a limited company and the benefits of limited liability. See how these balance with potential tax advantages and make an informed decision. We can help with these discussions, allowing you to enter business with your eyes open.

Book a meeting with one of our specialists to discuss how best to structure your business and remuneration strategy.

Can you help with tax advice for Landlords?

The relevant tax rules and regulations for property owners and landlords have been changing in recent years and it is important that those taxpayers affected are receiving the right advice. We advise a number of local landlords from those with one or two buy-to-let properties to more structured businesses holding broad portfolios of residential and commercial properties.

Our Managing Partner Colin Fish works closely with the Eastern Landlords Association, regularly presenting at events and hosting local landlords forums. Our team of tax partners and consultants have a detailed knowledge of all relevant tax laws and regulations.

See our dedicated Landlords page for more information on our services or get in touch to speak to one of our experts.