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2012/13 financial planning guide

What to do? Where to start? Who to ask?
At the beginning of each section, you will find a range of the areas where we can advise. To schedule a planning meeting or to review a specific area of tax planning, please contact us now.

The Government continues to make changes that impact on all our finances. So we have prepared this guide complete with a wide range of planning pointers taking into account changes announced in the 2012 Budget.

With the continuing slow rate of economic growth and the challenges of unemployment and Government cuts, a review of your financial and tax planning is important. Protecting and maximising your net income, business and family assets should be high on everyone's agenda.

This area of our website comprises an important range of personal and business planning guides. Use the links to the separate guides that look at your planning for the immediate future as well as guides that look at more medium and long term matters.

Proper tax and financial planning can lower or defer the tax you pay, freeing up cash for investment, business or personal purposes.

We believe that planning is the starting point for developing your wealth and building financial security so that you are as ring-fenced as possible when market and/or financial reverses occur.

Making sense of your planning and your finances requires more time and effort than ever in today's constantly developing, and often fluctuating, economic environment. With many people seeking higher earnings and to rebuild their wealth, it is essential to be abreast of ever-changing tax laws and the wide range of financial products and solutions available.

This guide contains our outline thoughts and basic strategies that you might discuss with us for the current 2012/13 tax year. There is no substitute for personal advice and we trust our website demonstrates our expertise and commitment to helping clients plan and save tax.

An introduction to tax planning
Tax planning is the legal process of arranging your affairs to minimise a tax liability, and with more than 200 such provisions specifically written into tax law, there are many aspects to think about.
A lifetime of personal financial planning
Throughout life, from childhood to retirement, circumstances and priorities change. At every stage it is important to make well-informed decisions to ensure that you and your family are following the best strategies for achieving your goals.
Tax strategies for you and your family
No matter what your age, personal or financial status, you will have dreams, and expectations. With the impact of the ongoing flat economy also necessitating further review, we can advise and help you plan how to make your goals a reality.
Tax planning for businesses
If you are thinking of starting a business, you should consider, among other factors, the impact of being the business owner on all areas of your life and the degree of risk involved. Devising a strong business plan is essential to aid and help you navigate the direction of the business.
Tax and leaving your business
The impact of the economic downturn has damaged many people's financial aspirations and, as a result, every business owner should have a personal exit strategy in case of unexpected circumstances.
Tax and employment
Many people can go for years paying too much (or, perhaps more worryingly, too little) tax. It is important to know exactly how much you are paying or you could face repercussions later.
Tax and the company car
Details of how the tax system works with company cars.
Achieving financial security in retirement
For many people their retirement plans have been devastated by the fall of the stock market in the first decade of the new millennium, reduction in property values and the fall in interest and annuity rates. Many may question what chance there is of a 'comfortable retirement'?
Building your wealth
Making your savings grow and being able to retire when and how you want is one of your most important financial objectives. But achieving this goal takes planning and perseverance.
Estate planning
Estate planning should start early in life. If your estate is large it could be subject to inheritance tax, but even if it is small, planning and a well drafted Will can ensure that your assets will go to your chosen beneficiaries.
Charitable giving
Gifts to charity can take many forms. In this special supplement to our guide we will focus on some of the ways you can increase the value of your gift to your chosen charities through the various forms of tax relief available.