Tax Health Check
With COVID-19 putting immense pressure on public finances, the time is right to review your tax position to prepare for the future, writes Nigel Round, Managing Director of Abacus Wealth Services.

If the events of 2020 have put life into perspective and you are thinking about your financial situation and how you shape your legacy to the next generation, now is the time to get expert help.

The impact of the measures put in place by Chancellor Rishi Sunak to support the economy through the pandemic has led to speculation about which parts of the tax system will change to restore the public purse.

Amid the uncertainty, the media has speculated about different scenarios apparently being considered to balance the books as the Government plans for recovery from the severe shocks caused by the COVID-19 outbreak.

The measures likely to be considered include raising Capital Gains Tax (CGT) and reforming Inheritance Tax (IHT). These will impact on many with investments in, for example, rental properties as well as those planning what happens when their estate is passed to the next generation.

While many people are aware of the need for inheritance planning, few people do anything about their potential liability. So few act, in fact, that the Government receives billions of pounds through IHT revenues each year.

Pension tax relief could come into the spotlight, with some experts suggesting we could even see the Government look at updating Council Tax and introducing a carbon tax.

Cutting through the speculation, Abacus Wealth Services are experts in helping clients at different life stages to manage their finances. We provide a tax health check, reviewing all aspects of your personal situation, to provide options for managing tax efficiently.

Working with you, we look at all aspects of tax to help you understand your situation. The resulting report, put together carefully based on your finances, will help you to make informed decisions about the best way forward.

Looking at different scenarios, as with all Abacus Wealth Services’s work, we put your personal circumstances at the heart of our strategy, ensuring that we see the bigger picture and not just a short-term solution.

Central to our business is the ethos that successful partnerships are built on a foundation of understanding and trust. We provide you with advice on investment planning for generating income, propose potential tax efficient investments and explain how to make the most of annual allowances.

Regardless of your current life stage and priorities, it is important to receive the right advice on your retirement planning requirements.

We understand that, in the current environment, running a successful business or career can take priority over the time spent on planning financial security.

It is no surprise that with the pressures posed by COVID-19, many may have little time to manage their finances effectively. A tax health check is just one of the simple ways you can feel more in control of your future.

As an eventful 2020 heads towards its end, make it your New Year’s resolution to take the time to understand your tax situation for whatever lies ahead.

To get in touch, click here:

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up.  You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.

Make an enquiry
See how our services can benefit you

A comprehensive strategic investment plan can be the cornerstone of a more secure financial future. Our team of expert advisers bring many years of experience to this process and have the latest investment planning tools at their disposal.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.