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Tax planning

Use your tax allowances effectively and save time trying to understand complex tax rules.

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What is tax planning?

There’s a subtle difference between tax planning and tax advice. Our financial advisers can help with tax planning but for tax advice, you’ll most likely need an accountant.

Here’s what we can help with as opposed to an accountant.

Tax planning from a financial adviser

  • Plan how to use your tax allowances
  • Understand how tax savings could help you reach your financial goals
  • Piece together how taxes will affect you when a significant life event happens such as retirement or for estate planning
  • Work with your spouse to use both of your tax allowances effectively

Tax advice from an accountant

  • Do complex calculations
  • Complete paperwork on your behalf such as tax returns
  • If you run your own business, a specialist accountant can help you with tax affairs relating to your business

Whichever services you use, bear in mind tax is a complicated area. Rules can change and benefits depend on your circumstances.

Tax planning with HL

It’s important to get a well-rounded view of your tax liability but there are certainly areas of tax which our clients ask us about more often. These are some of the common topics we advise on:

Inheritance tax (IHT) advice

The rules surrounding passing on your assets can be complex. It takes careful planning to stay within the rules and give away your assets within your means.

Our advisers can explain:

  • If and how IHT could affect you
  • The rules surrounding gifting before you die
  • How using a trust could help your beneficiaries receive more of your wealth

Inheritance tax advice

Capital Gains Tax (CGT) advice

Capital Gains Tax (CGT) can be due when you sell something that’s increased in value, or you transfer it outside of your estate, e.g. to another person or into a trust. It can apply when selling or transferring lots of different assets, for example shares or property.

You pay CGT on any gain over your allowance (£6,000 for this tax year 2023/2024), and the amount you pay depends on what you’re selling and the income tax band you fall into. Tax rules can change and benefits depend on personal circumstances.

Our advisers can help you:

  • Understand what does and doesn’t count as a capital gain
  • Help you plan how to use your allowance effectively

Retirement tax planning

There are tax implications when you’re saving into your pension and when you can start to access it. There may even be ways you could save tax using your pension.

Your adviser can help you:

  • Get tax relief by contributing more to your pension within your means
  • Understand where you might get taxed if you contribute too much to your pension
  • Work out if, how and when to take your tax-free cash from your pension
  • Plan in which order to access your assets to provide a tax efficient income in retirement

Retirement advice

Saving and investing to save tax

When your adviser provides investment advice, they’ll take into consideration your potential tax liability.

The key is not just what you invest in, but where. ISAs are a common way to save and invest tax efficiently but there are other methods such as investment bonds combined with trusts which are a bit trickier to manage yourself.

Please note: Investing isn’t for everyone. Investments can go up and down in value and you could get back less than you invest. So, if you can’t afford to take that risk, holding your money as cash may be better suited to your needs.

Investment advice

We are chartered financial planners

Publicly committed to a client-first approach.

Find out what this means for you

We are chartered financial planners

Publicly committed to a client-first approach.

Find out what this means for you

Publicly committed to a client-first approach.

Find out what this means for you

Cost of tax advice

Our financial advisers typically charge 1-2% (+VAT where applicable, minimum charges apply) of the assets advised upon for complex areas such as tax planning. This is a one-off charge.

If you’d like a yearly review, we can offer ongoing advice for an additional 0.365% (plus VAT where applicable) per year. You could also take one-off advice again if your circumstances change. That way, you could save money on advice fees by only paying when you absolutely need advice.

Our advisers will always look at your circumstances and plans as a whole before giving tax planning recommendations.

More about our charges

Book a call with our advisory helpdesk

Book a call with our advisory helpdesk to start your financial advice journey. They’re here to answer any outstanding questions you have about tax planning or our wider services offered by our financial advisers.

There’s no obligation to take advice and there’s no hard sell. In fact, they’ll let you know about our free information and tools if advice is not for you.

They won’t provide personalised advice but if you’re happy, they’ll put you in touch with an adviser within two working days. Your adviser will work with you to ensure you’re comfortable with the service you’ve chosen, that you’re getting the right level of advice you need and understand the charges involved.

Please note: We can only provide advice to UK residents. If you’re resident overseas, unfortunately we’re unable to advise you.

More helpful information

How one of our advisers saved a client £14,000 in tax

Financial Adviser, Hugh Breach, describes how he advised a client and how they paid less tax as a result.

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HL financial adviser's top 5 tax saving tips

Avoid overpaying tax and explore 5 top tax saving tips that could help you make the most of your money, by keeping more of it in your pocket.

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Want to save tax? 3 reasons to consider financial advice

It’s not just an accountant that could help with tax planning. A financial adviser could save you time, hassle, and tax.

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