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If you have unprotected assets, whether as part of a business or personally, you should be looking into your tax plan for the future. The estate planning solutions from Protection Practitioner are tailor made to suit every set of personal circumstances and every pocket.
Although it may seem like the benefits that a trust can bring to your finances have been a recent step forward in asset management, history begs to differ! Since the medieval ages, nobles and wealthy landowners have used trusts to reduce the amount of tax that they were required to pay.
Of course, times have changed significantly, and in an age when the tax man is trying to get his hands on more of your hard earned savings than ever before, it has never been more important to manage your assets. As a result, trusts have become the most reliable and efficient system to combat the different types of tax that could affect your earnings.
Corporation Tax – paid by limited companies on their profits, although not due to the self-employed. There are two rates of tax, the small companies’ and main rate – relate to a level of profit. When a company’s profit level changes from the small companies’ rate to the main rate, marginal relief is available to ease the transition.
Capital Gains Tax – If, when you sell or give away an asset, it has increased in value, you may be taxed on the profit, or the ‘gain’.
Inheritance Tax – This is a Tax on the value of a person’s estate on death and on certain gifts made by an individual during their lifetime. Broadly speaking, your estate is everything you own at the time of your death, less what you owe. It’s also sometimes payable on assets you may have given away during your lifetime.
Income Tax – This applies to:
- Earnings from employment.tax
- Earnings from self-employment.
- Most Pensions income (State, Company and Personal Pensions).
- Interest on most savings.
- Income from shares (dividends).
- Rental income.
- Income paid to you from a Trust.
Whether you are a business owner, or whether most of your wealth is tied up in property or other assets which would fall pretty to capital gains tax, or if you have concerns about inheritance tax, get in touch today. Protection Practitioner can provide you with a tax plan to save you paying needless tax.
Our team are experts in providing advice on all aspects of tax planning and wealth management, and with the use of trusts, can provide prudent savings.
Trust law is complicated. To make sure you get things right, it’s vital to get professional advice before setting up a trust. Always talk to a solicitor or an estate planner. For any guidance on your tax planning or asset protection, get in touch with Protection Practitioner for advice you can rely on.