Category

Tax Planning

What taxes do you pay on UK property?

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A property can be a valuable asset. Yet, just like other investments, tax always lurks nearby. How can you minimise needless tax on a property and improve your “real” (after tax) returns? Below, our team at Elmfield Financial Planning in Padiham, Burnley, Lancashire shows how taxes work regarding UK property…

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6 ideas to reduce inheritance tax

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An inheritance tax (IHT) bill can cost families thousands of pounds if no careful planning is put in place. Fortunately, a range of tools is available in 2022-23 to help you reduce an unnecessary tax bill – leaving a more meaningful legacy for your loved ones. In this guide, we share six ideas to help you mitigate a future IHT liability…

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Navigating tax when retiring abroad

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Many people dream of retiring to Spain, France or further afield (such as southeast Asia). Yet the tax implications can be very complex, and it is wise to check the rules thoroughly – both in the UK and in your destination country – before taking the leap. It is also a good idea to check the wider implications…

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Capital gains tax traps to avoid

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Many people get caught off-guard by capital gains tax (CGT) – the tax on profits you make when selling (“disposing of”) assets such as shares and Buy-to-Let property. In particular, people can get hit with an unexpected CGT bill when moving house. Here at Elmfield Financial Planning, we want to help ensure that people in Padiham…

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Why tax planning matters

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Taxes have the potential to significantly erode your wealth and investment returns if you do not manage them effectively. We all have a duty to contribute to society, but nobody’s family or own finances should suffer from needless tax erosion. In this article, our financial planning team here at Elmfield…

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