For many people, tax is an unpleasant subject.
But tax is equally a topic that affects most of us, and for this reason we should not shy away from it. In the current economic climate, uncertainty is abundant, and many people are tightening their belts and generally being more prudent with their financial affairs than in less recent times.
This goes for H M Revenue & Customs (HMRC) too. HMRC are scrutinising taxpayers more closely than ever, cracking down on artificial tax avoidance schemes and seeking to enforce higher rates of tax. So our expectation is that more people will be considering obtaining professional advice and assistance to ensure their affairs are in order and that they are compliant with their obligations.
This all sounds very bleak, however, the good news is that here at Favourites Finance, we can review your personal circumstances to ensure that you are not paying a penny more or less in tax than you should be paying. We can take a careful look at your affairs to ensure that they are structured in a tax efficient way.
If you are self-employed, there are many techniques we can advise you on for minimising or delaying the payment of tax. If you are selling a second home, then we can advise you on how to minimise your exposure to capital gains tax on that property. In short, we can advise you how to minimise your tax bill in many different situations, and would relish the opportunity to do so!