What does tax and inheritance planning involve?


Tax and inheritance plans involve organising your finances in a way that helps to eliminate or reduce how much tax you must pay. Offered by independent financial advisors like wealth managers, these planning services can help UK consumers retain more of their wealth and pass it on efficiently to those they leave behind when they die.

Tax planning

Effective tax planning can make sure that you make the most of current tax allowances, but can also help you structure your personal finances to make your investments and income more tax efficient. For instance, a wealth manager can ensure that you maximise the return on investments by using the annual ISA allowance to which you are entitled. Through better investment planning, they may also help you decrease the size of a capital gains tax bill. Additionally, they can help you structure your pension and investments to reduce how much tax you pay on your yearly retirement income as you approach the time you will stop working.

Inheritance Tax Planning

Inheritance tax (IHT) can catch families unaware, leaving them to face an unexpected and sizeable tax bill. If you aim to bequeath an inheritance to your loved ones, a wealth management company can advise you on several inheritance planning options that can reduce the amount of IHT that your family will likely have to pay to HMRC including gifting strategies and insurance policies.

If you are seeking experts in tax efficient strategies and retirement planning in Chester, contact our team at Hartey Wealth Management today to discuss your needs.

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