What tax savings you should look at first
The easiest tax savings you can make are your:
You might know that inheritance tax is 40%. So anything above the threshold that you pass down will get taxed.
There's more detail in our guide above but this is really a no-brainer. We also got a bit fed up of how hard it was to get a will done so we tech-ified it and used our law backgrounds to create IFG Wills
If you have an IFG Will, it plays nicely with the features we have on IFG Wealth
so you can keep your portfolio up to date.
If you're married, there's a wonderful thing called marriage allowance. It might not be relevant for you if you're both working full time but read about it here and decide for yourself.
If you own your own business, you can be a lot more flexible about how you draw money out to take full advantage of the different tax thresholds.
Read more about our tax-saving strategies aimed at people like you.
Whether you're an employee or a business owner, pensions are a great way to save tax whilst tucking money away for the future, particularly in the UK. Read more on why pensions are tax efficient.
All investing is not equal.
If you're investing in the stock market, explore the tax-efficient wrappers that exist. In the UK, you can open a stocks ISA.
This is a simple broker account which will allow you to deposit up to £20k each tax year. The benefit is all gains are tax-free.
There's also a wonderful scheme in the UK called SEIS and EIS. This allows you to invest in startups and get 50% (if it's SEIS) or 30% (if it's EIS) back immediately as cash. On top of that, all gains are tax-free and if the company you invest in goes into liquidation you get more tax relief.
With our funds, you can invest in startups on a deal-by-deal basis or via a dedicated EIS fund which is more hands-off. Check out Cur8 Capital
You've hit the lowest-hanging fruit, now it's time to explore the world of tax for yourself and see what is relevant. Here's some pointers: