Tax planning is not an option, it is a necessity!
Over the last few years we have seen a significant increase in tax charges across the UK, both direct and indirect taxes. As a consequence, over the last 10 years there has been a large increase in the total tax take for the UK government per person in the UK which has ultimately increased the requirement for future tax planning.
Despite the fact that many people believe that tax planning is something for the rich and famous it is ultimately something which we should all be looking at and we can all benefit from. The need to make use of your various annual tax allowances, where applicable, is something that should be discussed with your financial advisor because many allowances will disappear at the end of each tax year.
ISAs, the old style Personal Equity Plans and other "tax umbrellas" should be considered because over the next few years there will be a further increase in UK tax rates. With UK national debt now well over £1 trillion and set to move very much higher in the short to medium term the UK government will, as soon as the UK recession has ended, look to claw back as much money as possible from UK taxpayers. You really need to make use of your tax allowances where applicable!
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