Category

Tax Planning

How can I pay less UK tax?

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Tax planning can make a huge difference to your income and wealth – especially in 2023, with the cost of living crisis putting pressure on real household finances. Optimising your affairs could save you £100s – perhaps £1,000s – each year, so it is worth taking time to do it. Below, our Lancashire financial planners offer some general ideas on how to mitigate…

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Can I drop an income tax band?

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Earning over £50,271 (the higher rate) or over £125,140 (the additional rate) certainly offers an attractive income. Yet the taxes at these income levels can also be punitive. In some cases, a household’s “real” income (after tax) can be lower than another household where salaries are not as high. For instance, sometimes two parents working part-time can be more tax-efficient than a household with one breadwinner…

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The tax benefits of giving to charity

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It might feel strange to talk about giving during a cost of living crisis in 2023. After all, wouldn’t your money be best spent on keeping your household afloat? Yet giving has many benefits. Not only is it a moral act in itself, but it forms part of our human nature and gives a sense of purpose and belonging…

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What are “stealth taxes”?

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Most of us recognise “traditional” taxes such as income tax or National Insurance (NI). What is less obvious, however, is how wealth (and monthly finances) can be eroded by “stealth taxes” operating in the background, often unnoticed. Below, our Padiham-based financial planners at Elmfield Financial Planning explain…

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