Reduce Tax and Save Money

Very few of us pay our annual taxes to the Inland Revenue without a grumble, but is there actually something you can do to cut down on these payments? The answer is probably yes. With the objective advice of rht, you'll be able to plan in advance and reduce your tax burden while satisfying every legal requirement. Read on for suggestions on where, with a little help from rht you could be making significant savings.

Married Couples

Married women are taxed independently of their husbands. rht will tell you how as a couple, this rule can help you pay less.

Self Employed ?

Don't let the tax man take too much of your profits, either now or when you retire. A little of our advice can make a big difference to your quality of life, enabling you to keep more of the money you are earning. It's good news for your heirs, too, as careful pre-planning can cut down on or even eliminate your Inheritance Tax liability.

Leave More Inheritance than Tax Burden

Inheritance Tax doesn't only apply when you have a business to leave. If your personal assets or property are substantial, you could be leaving your heirs with a correspondingly large tax bill!

Saving on a Regular Basis

Reducing your tax payment is fine, yet if you permit us to review your finances regularly, we'll probably be able to save you money in other areas, too. A more detailed exploration of the areas appropriate to you is highly recommended!

The Birth of Children

The arrival of a new baby can turn your life upside down. It's hard enough to prepare emotionally and practically, but when you consider financial matters as well ... that's where rht comes in.

Your Expenditure

It's not just a case of meeting the nappy bills! Your mortgage, for instance, might need to be reviewed if one of you is going to stay at home to look after your child. One income rather than two will obviously make a difference to how much you can afford and rht will assist you in making the best choice to suit your new situation. This applies not only to your mortgage, of course, but to any life assurance, loans, long term savings schemes and other financial commitments you may have.

Protect Your Income

If only one of you intends to work, that source of income should be protected in the event of sickness, redundancy or death. Even if you both go back to work, you need to ensure you'll always have enough money to provide for your child without worries. Although it's an unpleasant thought, you should also now both make or amend your Wills. By legally declaring your wishes, your spouse and child are protected, because dying intestate doesn't automatically transfer all your assets to your partner (married or not).

Your Pension

If one of you has left your job, you might have to decide what to do about any pension that's left behind. rht will discuss your options.

Having a child may also bring about changes in your tax position!

Your Child's Future

There are many ways of making your child's path through life less of a financial burden on you both. If you're considering private education, it's never too soon to start a savings scheme. You might also want to set up a trust fund, or invest any money your child receives from the family. rht will provide impartial advice on the most sensible decisions to take for the benefit of your family.

Planning Your Children's Education

All parents want to give their children the finest possible start in life. Planning and saving now is essential for their future. Independent Education appeals to many but the cost comes as a shock especially when contemplating funding it from the household income. So it makes sense to consider a savings scheme and rht will help you choose the best one to meet your family's needs.

Special Training

Alternatively, you might prefer your children to be educated by the State. However, if you were to find your child needed extra or special tuition, then this would also have to be paid for. For example, your child might be exceptionally gifted and you might wish for him or her to receive special tuition in a specific area. You'd want a first class teacher to allow your child to make the most of his or her gift - an expense which would be far more affordable if you plan ahead now.

After Sixteen

Further and higher education also warrants consideration. Today, more parents are giving their children a private education at sixth form level (about 20%* of children still in the education system at this age are educated independently). Those who go to University must also find extra money. Just a few years ago, many students qualified for a grant which helped pay for a large part of their tuition and board. Nowadays, even if your income is fairly low, your child won't necessarily qualify for, or receive, a grant that will cover their needs. Student Loans are one way around this but are not ideal. Do you want your children to start work already in debt? Early planning can make it unnecessary.

Action

rht will explain which savings plans are most beneficial and will ensure you retain control over the money so that, if it weren't needed for your children's education, it could be used for something else. We will also review your situation at regular intervals so we can let you know if an increase in payments or a switch to another scheme is advisable. Don't, whatever you do, think planning now is too early. Education is costly and the sooner you start saving the better. Knowledge is a wonderful gift for your child and a little thought today could mean a great deal to their quality of life in the future.

rht RHT Financial Services Ltd is authorised and regulated by the Financial Services Authority(FSA) The FSA does not regulate Taxation Advice, Wills, Inheritance Tax Planning, School Fees Planning and some forms of Mortgages. The advice and/or guidance contained within this site is subject to the UK Regulatory regime and is therefore targeted at consumers based in the UK.