Being Tax Efficient

10 July 2014 •

Being tax efficient can help both you and your business save money. Tax review should be an ongoing process that involves regular dialogue with your tax advisor, in order to review your tax position and ensure you understand it. A regular tax efficiency check conducted by our tax team at Warrener Stewart can help you establish that you are paying the right level of tax. Furthermore, it will explore how we can make use of tax exemptions and tax planning with a view to reducing your overall tax liabilities.

The tax team at Warrener Stewart often finds that new clients have overlooked the tax implications of their own personal assets and also the impact tax can have on their business. The tax team believes  there are a few basic practices that can easily be implemented to help clients ensure their personal and business tax affairs are managed efficiently.

Have you got the basics covered?

• Have you made a Will?  Making a Will is one of the biggest and most overlooked aspects of tax planning. Dying intestate has many tax implications both for your business and your private estate. It is wise to spend time drawing up a will that clearly defines who benefits on your death and how assets are disposed of. Getting this wrong can affect the amount of tax charged on your estate and also the timing of when the tax falls due.
• What assets and liabilities do you hold? Draw up a list of assets and liabilities for you (and your spouse), this could include your home, listed shares, a second home or investment properties; your tax planner will outline your Capital Gains Tax and Inheritance Tax exposure on a particular asset and on your overall portfolio.
• Do you have adequate Life Insurance? Having a reasonable level of life cover is important since the insurance policy could cover your estate’s inheritance tax liability. Furthermore it could provide an additional lump sum on the death of the insured person. The general rule is that the younger you are when taking out life insurance, the lower the premiums will be.

General Election 2015

With a General Election scheduled for May 2015 now is the time to consider whether you and your business are as tax efficient as you could be. The tax team at Warrener Stewart are mindful that a change in government could result in legislation changes and that certain allowances may alter or be withdrawn if the government changes.

Proactive Tax Planning

The tax team at Warrener Stewart has continued to grow over the years under Damian Talbot’s lead. The team has a wide range of knowledge which includes Chartered Accountants, Chartered Tax Advisors, members of the Chartered Institute of Indirect Taxation, Enrolled Agents (for US Taxation) and members of the Association of Taxation Technicians. The tax team works with you (and your other advisors) to ensure that you benefit from a bespoke plan tailored to all your business & personal tax needs