Advising our clients on tax matters is an integral part of the service provided by Firth & Scott. Our advisers are able to give you advice on income, capital gains and inheritance tax planning. By following our top tax saving tips many of our clients have been able to save or possibly pay no tax at all.
We make sure that non-taxpayers are invested in areas where they either get paid without deduction of tax or can claim any taxes that have been paid.
We make sure that the married couples' allowance goes to the person in the highest tax band (note: only available if one partner was born before 6 April 1935).
We make sure that where a couple have investments, the income from those investments is classed as belonging to the partner in the lowest tax band. This can produce significant savings.
For higher rate tax payers we seek to ensure effective use is made of any tax breaks and gross pay and tax-free investments.
Maximum pension contributions are relevant, producing instant savings through tax relief on your contributions.
In many situations we find that a client has the wrong tax code, either due to past coding errors or a client not obtaining the higher age allowances when over age 65. We have successfully negotiated tax refunds on two occasions over the last year of over £2,000 for clients who have been paying the incorrect levels of tax for a number of years.
