Tax is a good thing – our money keeps the country running. But paying too much tax certainly isn't. Annually in the UK alone taxpayers give away several billion pounds more than they need to. The 2015 figure is around £5 billion.
Governments create many opportunities for us to reduce the amount we pay in tax. However, many people are simply unaware of them and have therefore not taken advantage of them, so it would be wise to obtain advice from a specialist Tax and Trust adviser. That way you are getting robust and current advice on the opportunities available to you that might enable you to reduce your tax liability.
Inheritance, Tax and Trust planning is a complex area, and becomes more so if you run a business, have several sources of income, or family wealth that needs protecting and passing down the generations. Numerous factors will affect the amount of tax paid each year but, for many of us, fear of paying too little tax (and the possible consequences) means we often end up paying too much.