As a professional firm of accountants, we recognise that you need to trust your financial advisor to ensure financial security. It is our job to advise you when it comes to tax and financial planning, and so we’ve put together a short post to let you know how forward planning can save you money on tax in the long run! Personal Tax Reliefs It is widely known that capital and related income can be transferred between married couples or partners. However you could alternatively consider paying your spouse or civil partner a salary for working in your business, or consider taking them into partnership within the company. Pensions With auto-enrolment being phased in, it is even more crucial now to check that your pension arrangements are suitable and adequate. This is even more important if you are self-employed or not in a company scheme. This can definitely save you money going forward. You may also want to consider contributing into a registered pension scheme. In any case, we recommend you seek professional advice. Capital Gains Tax Timings for Capital Gains Tax can ultimately make a difference. For example, you could consider deferring disposals until after 5th April to delay any payments by a full year, or take advantage of any otherwise unused basic rate income tax. Additionally, if you are intending to retire from business in the next few years, planning ahead can help minimise your tax on disposal of your business or family company. Inheritance Tax Reviewing this can be extremely beneficial, particularly reviewing your estate planning strategy or your will. Additionally, life assurance policies can be used as a way of making gifts to beneficiaries, and that would also allow you to build up sufficient money to pay any Inheritance Tax that may become due. Dividend The timing of dividends and bonuses can help you in the long run. For example, consider the timing in conjunction with the personal tax position of company shareholders. Benefits in Kind And finally, keeping records of business trips can help you in due course with HMRC queries. Reimbursing your employer for the full cost of private petrol can also prevent the car fuel charge from being applied, which can save you money! At Finnies, we have a plethora of experience in helping individuals maximise their personal wealth and also boost their business’s profitability. Please don’t hesitate to get in touch for assistance with tax planning.