Personal Tax Planning

No one wants to pay more tax than they need to but that is exactly what many people are doing, simply because they haven’t taken advantage of the available tax saving opportunities.

We have specialists in our Tax Team who can advise on any number of issues that are not everyday events.

When people hear the words ‘personal tax’, they tend to think about the deductions suffered under PAYE or the tax bill based on their business profits. However, the ways in which an individual can be taxed are numerous, if not regular.

For example, do you rent out a former home which you are now looking to sell? Capital Gains Tax (CGT) may be due, but certain reliefs and exemptions are available to reduce the amount liable.

Has your home increased in value over the last 20 years? In conjunction with other assets, this could mean your estate is liable to Inheritance Tax (IHT).

Have you moved to the UK from overseas for work and reviewed your residence and domicile status? You may not be required to pay tax on all your worldwide income.

With the tax regime becoming more complex and more emphasis being put on taxpayers’ individual responsibilities, you need such professional advice and support to optimise your tax position and ensure you meet all compliance requirements. You also need a ‘safe pair of hands’ to explain the consequences and implications of your personal tax position and what you can do to plan your tax affairs for your benefit.

Our expertise covers areas such as:

  • Income Tax
  • National Insurance (NI)
  • Capital Gains Tax (CGT)
  • Inheritance Tax (IHT)
  • Trusts and Estates
  • Non-domiciliary Tax issues
  • Non-residence and Offshore issues.

Potentially, many thousands of pounds can be saved with even the simplest tax advice; all you need to do is ask us to review your affairs. Remember one pound less tax paid is one more pound for you to do with as you wish.

Personal Tax Planning for 2020/21

The Government left it to the very last minute to announce its tax plans for 2020/21. Fortunately, Chancellor Rishi Sunak had few surprises up his sleeve in last month’s Spring Budget.

Three of the main taxes in the UK – income tax, corporation tax and VAT – saw their rates and thresholds frozen or, for income tax thresholds in Scotland, merely tweaked in line with inflation.

However, there were changes to pensions and capital gains tax. Here’s what you need to know from April 2020.

Download Lambert Chapman Personal Tax Planning 2020/21

Get in touch today

Contact us today to find out how we can help and let us provide a tailored quotation suitable for your business.

Meet the experts

Angela Pannell  FCCA

Angela Pannell FCCA


Lucy Orrow  CTA TEP ATT(Fellow)

Lucy Orrow CTA TEP ATT(Fellow)

Senior Tax Manager

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Get in touch today

Contact us today to find out how we can help and let us provide a tailored quotation suitable for your business.