Personal Tax Planning

As an individual it’s important to consider the decisions you have, the choices you make and what this might mean for your tax burden and prosperity.  Elsby work with you to understand your situation, your personal or business goals, and the tax implications of your available options. We then put our minds to the solutions that can help minimise your exposure to income, capital gains and inheritance tax.

Our personal tax planning services include:

Advice on minimising personal taxes

We offer personal tax advice and tax planning that can help save you money, time and a great deal of effort. Personal tax can encompass: your income, investments growth, some savings interest and any assets you inherit. As an individual, the tax you have to pay, and how much, is dependent on a number of these factors, so it isn’t always easy to figure out what you owe. Our accountants can help calculate your personal tax bill and work with you to find ways to reduce it.

Completing and filing tax returns & self-assessment tax returns

Filling out a tax return (whether online or paper form) can be daunting. A tax return is a report where you detail your taxable income and any capital gains (if appropriate), as well as any tax allowance claims and tax reliefs. Our expert team can help you through the process from completing the forms to filing the tax return with HMRC. As part of our specialist service, we can deal with HMRC on your behalf.

Extracting profit from your business

There are several routes you can take as a business owner to extract profits from your business: salary, dividends and pension contributions. Our team can help find the best solution for you in a tax-efficient way.

Tax-efficient savings

There are a number of ways in which you can be more tax-efficient with your savings and investments, from ISAs to pensions and investment or capital schemes, our accountants can help you through the process and find the most suitable option(s) for you.

Planning for a comfortable retirement

No matter what your background or personal circumstances are, we all have a desire to be comfortable, secure and enjoy life after work. Our trained team of tax accountants can help you plan for your retirement. There are several elements we focus on: cash savings, lifetime savings or pension and interim goals you may wish to achieve along the way.

Inheritance tax planning

If you think your estate may have to pay inheritance tax, speak to our specialist team and see if we can find a solution to help reduce the amount on an IHT bill.

Trusts and estates

If you’re looking to control your wealth or protect your legacy, then speak to one of our tax advisors who can help you.

Gifting strategies

Everyone has an allowance of £3,000 a year that they can gift as they please without paying tax. Our tax professionals can help you choose the best gifting strategy that meets your goals and gives you the most tax benefits.

School fee planning

Whether you need help with school and/ university fee planning, our team can take a look at the current fees and assist you with creating a convenient and manageable school fee plan.

Other personal tax planning services

Alongside these tax services above, we also cover: remuneration strategies; advising on making tax payments; doing the necessary calculations; acting for you in any enquiry; as well as providing proactive advice on minimising your tax liability.

Need taxation help? Read through our tax Information and guidance materials

For more information, please take a look at our resources section. We have further tax information guidance such as documentation relating to tax rates, allowances and deadlines, and a tax calendar. We also provide a key summary of all announcements, and an overview of the Chancellor’s budget announcements.

Want some practical tax tips? Check out our ‘Taxes Made Easy’ guidance, which provides everything you need to know about the tax system.