Wealth Management

Opportunities to save tax

Each of the five Conservative Chancellors since 2009 has consistently said they want to cut taxes yet only one, Kwasi Kwarteng managed to do this and things didn’t turn out well for him.

In recent years, taxes have been rising sharply either by stealth or declared policy changes. Calculated as a share of Gross Domestic Product (GDP) – a measure of the size and health of a country’s economy over a period of time, the tax take will have risen to 37% by the next election which is a 4% increase since 2019.

The current burden of taxation has not been seen since the 1940’s however the good news is that there continues to be a number of ways to help reduce your own personal tax burden.

13th February 2024

How can Old Mill help?

The above points provide an overview of a number of ways to ensure that you maximise your tax efficiency and use of allowances available. Tax can be complicated so please do seek advice from our highly experienced teams before acting on any of the above. Often to ensure you receive the benefit of the tax allowances will require some planning and action to be taken.

Our tax team are also available to help with your annual tax return and would be happy to quote how much it would cost for us to complete this for you. Aside from completing the return itself, they will also ensure you pay the correct amount of tax. In recent years, the tax system has become ever more complicated. Speak to your usual Old Mill financial planner if you would like to know more.