Personal Tax Planning

How to reduce what you owe the taxman.

Nobody wants the taxman to take more than his fair share, and planning your inances early on can ensure you adopt the most tax-eficient strategy for the months and years ahead. Effective tax planning will help protect your wealth and any assets, ready to pass on when the time comes, while also providing you with peace of mind. Our complex tax system has a variety of reliefs and allowances to enable you to reduce your tax liabilities with HMRC and help you navigate your way to a wealthier future, but where do you start? Income The way you receive an income, and the rates and allowances that apply, should be among your main considerations when planning your personal inances.

Depending on where in the UK you are, you will pay income tax on the rates and bands displayed in the table below. Dividends The annual dividend allowance reduced from £5,000 to £2,000

To read more click http://oxonaccountancy.co.uk/wp-content/uploads/2018/05/oxonPWP_APU_May18_personal_tax_planning.pdf