Tax Planning
Tax Planning is a legal way of reducing tax liability in a tax year. There are several strategies commonly used in tax planning. The three main ones include: reducing your overall income, increasing your number of tax deductions throughout the year, and taking advantage of specific international tax agreements. Making the most of your residential status and the various initiatives that exist are high on our agenda when considering your tax plan.
However many taxes there are, we can advise you on the best way to go about reducing them
Income Tax
As its name suggests income tax is a tax on your income, be that salaried income, or rental income on properties and varies depending on the jurisdiction it originates from. Many countries have DTA (double taxation agreements in place) to ensure that you do not pay tax twice but it is a tax which almost everyone has to pay. However, there are ways to reduce this tax, with deductions or indeed structures and it is important to discuss with your accountant to ensure that you are not paying too much tax and taking advantage of any concessions or allowances which may be available to you.
Capital Gains Tax
Everyone likes to make money, but with this comes tax and tax on profits of properties or investments, known as capital gains tax. This tax varies and can be as low as 0%, but it is important to ensure that your investments are structured in a way that you pay as little tax as possible. Depending on your nationality, or location of investments, certain allowances may be available to reduce this tax and ensure that your investments are producing the most effective, and efficient rate of return.
IHT – UK Inheritance Tax
One of the main obstacles that people of all nationalities have to overcome nowadays is how to legitimately reduce their exposure to the high rates of Inheritance Tax in the United Kingdom. The Inheritance Tax rates are up to 40% of your estate’s net worth in the UK. Some of the mechanisms used in the process of IHT mitigation are Personal Trusts and Government-recognised Overseas Pensions.
How can Platinum Financial Services help?
We can help you assess your tax obligations, take advantage of any tax allowances that may be relevant and provide you with the peace of mind that comes from knowing that no unwanted penalties will arise.
ANDREW CASE STUDYThe cost of quality healthcare is at a premium. We have close partnerships with market-leading international healthcare insurance companies that offer sustainable products making sure that we can match the required level of cover to your budget.
We don’t charge you for our services, so premiums are the same as going directly to the insurance company. What you get is advice on the plan’s benefits and coverage limits that make sense to you and your financial situation.
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