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Tax Planning

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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Navigating capital gains in 2021

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Capital gains tax refers to the levy on certain investments, property or possessions when you sell them for a profit. If you buy a second house for £100,000, for instance, and later sell it for £150,000, then you have made a capital gain (profit) which will likely be taxed. Yet how does capital gains tax (CGT) work, exactly, in the UK in 2021?…

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