As the 2019/20 tax year draws to a close, there are some simple tax planning…
With university fees increasing and a large number of people sending their children to private schools, planning for the costs is really not a bad idea! Through effective, government approved tax planning, you can ensure that fees are not being paid out of taxed income, saving you money and planning for the future at the same time. This widely used method is available to parents and especially grandparents. It uses trusts where typically the trustees would be the parents of the children, so there is no loss of control. For this to be tax efficient, it must be done by following some complex rules and government legislation.
The cost of setting the planning up and maintaining the trust is very economical in respect of the resulting tax savings. Whilst it is easy to run, it is however a complicated piece of work and needs to be set up by a professional tax advisor.
Give us a call on 01730 711271 to arrange a meeting and see if this planning could be of use to you and your family.