Low Tax Wealth
How to maximise your wealth by minimising your tax
A Tips & Advice book about...
In a nutshell
There are many ways to accumulate wealth during your lifetime. With a little knowledge of UK tax rules, you can ensure that you keep more of your money - in other words building low tax wealth with simple yet effective strategies, without resorting to controversial tax-avoidance seen so often in the press.
In this book we look at a range of ideas to consider for wealth-accumulation strategies at various stages of life. Whether you’re a young, newly employed person just starting out, a family, a successful entrepreneur, or contemplating retirement and inheritance tax, there’s sure to be something you can take advantage of.
We cover areas such as:
- Tax-efficient employee benefits
- Share schemes for key employees
- Starting your own business, incorporating, and profit extraction
- Building and accessing pension savings
- Alternatives to pensions: family investment companies and property companies
- Inheritance tax planning
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In this Tips & Advice book you'll read about...
Part 1 - First steps
1. Tax-efficient savings
1.1. How is interest taxed?
1.2. What tax-efficient options are available?
2. Efficient options with employment
2.1. Are there any tax-efficient benefits you could choose?
2.2. What about employment expenses?
3. Student loan repayments
3.1. How are student debts repaid?
4. Using your home to top up income
4.1. How can you efficiently top up income with your home?
5. Workplace pension schemes
5.1. What is auto-enrolment?
5.2. How can you opt out?
Part 2 - Heading into the higher tax bands
1.1. What are targeted share schemes for key employees?
1.2. Can you save tax with a low-emissions company car?
2. Starting your own business - to incorporate or not?
2.1. What choices of business vehicle are available?
2.2. What happened in 2023?
2.3. What’s the position in a nutshell?
2.4. What are non-tax reasons for using a company?
2.5. Anything else to keep in mind?
2.6. What if you don’t need to extract all the profits each year?
2.7. Are there alternatives to leaving profits undrawn?
2.8. Going into business with another person
3. Starting a family
3.1. How can a spouse or civil partner improve tax efficiency?
3.2. What is the marriage allowance?
3.3. Splitting capital gains
4. Tax planning and children
4.1. Children as taxpayers
4.3. Child benefit and the high-income child benefit charge
Part 3 - Providing for later life
1. Maximising your pension fund
1.1. Further thoughts on pensions
1.2. What tax advantages apply to pensions?
1.3. Are there limits on what you can pay in?
1.4. Can you avoid the AA tapering?
1.5. How is relief given?
1.6. What if someone else makes a contribution?
1.7. Is it more tax-efficient for your employer to pay contributions?
1.8. Can you use pension contributions to restore the personal allowance?
1.9. Can you use contributions to avoid the HICBC?
1.10. Can your pension scheme purchase property?
2. The state retirement pension
2.1. How much do you receive if you don’t attain 35 years?
3. Unapproved schemes
3.1. Why might you use an EFRB?
3.2. How does a typical EFRB work?
4. A property portfolio as a retirement fund
4.1. How is a letting business treated for tax purposes?
4.2. Company vs personal
5. Family investment companies
5.1. What’s an FIC?
5.2. What’s the objective?
5.3. What are the main tax benefits?
Part 4 - Approaching and taking retirement
1. Accessing your pension savings
1.1. Tax-efficient pension income
1.2. Managed or phased pension income
1.3. Small pot pension planning
1.4. Pension tax-free cash recycling
1.5. Recycling pension income
2. Business owners - exit strategy
2.1. Selling the business
2.2. Extracting company funds
Part 5 - Inheritance tax efficiency
1. The inheritance tax (IHT) system
1.1. What is the NRB?
1.2. How much of the estate is covered by NRBs?
1.3. Who is entitled to the NRB?
1.4. Can unused NRB be transferred?
1.5. What is the RNRB?
1.6. Who is entitled to the RNRB?
1.7. What is a direct descendant?
1.8. Can unused RNRB be transferred?
1.9. What if a property has been sold?
1.10. How can you maximise the RNRB?
2. Making lifetime gifts to save IHT
2.1. Don’t you have to survive seven years for lifetime gifts to be exempt?
2.2. Should you keep records?
2.3. What are gifts out of surplus income?
2.4. What conditions need to be met?
2.5. How can you evidence that gifts are affordable etc.?
2.6. How much can be gifted?
2.7. Should you gift assets that qualify for business property relief (BPR)?
3. Making IHT-efficient investments
3.1. How can certain investments help?
3.2. What conditions must be met to qualify for BPR?
3.3. What’s relevant business property?
3.4. Who can invest?
3.5. How can you obtain protection from IHT quickly?
3.6. Can you fund investments with loans to create a liability in the estate?
3.7. What about your private pensions?
3.8. Are there products that can save IHT quickly?
3.9. What about life insurance?
4. BPR on your business
4.1. What does business property include?
4.2. What’s a “business”?
4.3. What do the courts say?
4.4. Giving away shares and BPR
4.5. Business partners and BPR
4.6. Sole traders and BPR?
Part 6 - Appendices
1. Appendix A - Tax and NI-free benefits in kind and employment expenses
2. Appendix B - Setting up an OpRA
3. Appendix C - Guidance on CT filing and payments
4. Appendix D - Pension tax-free cash recyling
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