A multi-pronged strategy to deal with a myriad of taxes.
Many taxes exist in the UK. After all, there are many ways to generate income and wealth.
Decisions taken to reduce one tax often have knock-on effects on your wider financial plan, and can impact the other taxes you pay. This is why a carefully planned multi-pronged strategy is needed.
Here is a summary of the main taxes to consider for a financial plan:
- Income tax (on your salary)
- Capital gains tax (on your investments)
- Tax on savings interest
- Dividend tax
- VAT (value added tax)
- Stamp Duty
- Inheritance tax
- Pension-related taxes (such as exceeding your Lifetime Allowance)