With a top tax rate of 60%, how far will you go to reduce your bill?

Only a few years ago, the lowest tax rate paid by most people was 10%, with the basic rate at 20% and the highest rate at 40%. Today, very few people get any advantage from the 10% rate and the highest rate charged on income is now 50% – with an effective 60% rate for those with incomes between £100,000 and just under £113,000. The highest tax rate on dividend income has also risen, from 32.5% to 42.5%.

With tax rates at these levels it would be unwise to ignore the opportunities offered by proper tax and financial planning. We can advise on strategies to minimise taxes and maximise the strength of your business and long-term financial health by, for example:

• making the most of tax breaks for you and your business
• planning to extract profits from your business tax-efficiently
• making the most of tax-advantaged savings (including pensions)
• reducing the inheritance tax due on your estate.

Tax and financial planning are essential parts of managing your business and your personal finances.

Talk to us now for advice on making the most of the opportunities available to you and your business this year.

Note: this guide refers to ‘spouses’; in most cases this applies also to civil partners