Melbourne Capital Group’s Post

Getting your head around all the jargon used in financial services can get in the way of feeling confident about your money. Understanding the various tax terms and acronyms, such as IHT, CGT and the different pension allowances increases your financial wellbeing – and it could save you some tax, too. Here are the top seven tax terms you need to know. https://lnkd.in/dJrvxgAQ #financialplanning #financialadvice #jargonbuster #financesmadesimple #heretohelp

Ever felt flummoxed by the amount of jargon around financial planning? Here are the top seven tax terms you need to know. https://lnkd.in/e8tA5-KX #financialplanning #financialadvice #jargonbuster #financesmadesimple #heretohelp

𝗠𝗮𝘀𝘁𝗲𝗿𝗶𝗻𝗴 𝘁𝗵𝗲 𝗮𝗿𝘁 𝗼𝗳 𝘁𝗮𝘅 𝗲𝗳𝗳𝗶𝗰𝗶𝗲𝗻𝗰𝘆 – 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗲𝘀 𝗲𝘃𝗲𝗿𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗼𝘄𝗻𝗲𝗿 𝘀𝗵𝗼𝘂𝗹𝗱 𝗸𝗻𝗼𝘄 Part 1 of 4 – Options for taking wealth from your business 1. Salary: Extract wealth gradually, subject to income taxes. 2. Dividends: Another avenue, subject to dividend withholding tax, contingent upon business profitability. 3. Business Assets: Use your business to buy assets you use personally, subject to Benefit in Kind tax. 4. Sale/Liquidation: Explore Entrepreneur Relief, Retirement Relief, and Termination payments to ensure you don’t pay too much tax on a sale. 5. Pensions: Take advantage of the generous tax benefits pensions offer. They are one of the few vehicles that allow you to accumulate significant personal wealth from your business in a tax efficient manner. Tax planning is a team sport! Before you make any decision, consult your personal financial planner and your tax adviser. For more information on how to plan for retirement, provide for your family and invest wisely as a business owner, here’s how to get in touch: 📩 clients@iqf.ie 📞+353 (0)71 9155560 #businessowner #reducetaxes #provideforyourfamily #investwisely #financialplanning

Getting your head around all the jargon used in financial services can get in the way of feeling confident about your money. Understanding the various tax terms and acronyms, such as IHT, CGT and the different pension allowances increases your financial wellbeing – and it could save you some tax, too. Here are the top seven tax terms you need to know. https://lnkd.in/et8YhNFZ #financialplanning #financialadvice #jargonbuster #financesmadesimple #heretohelp

Tax loopholes 😅 💰 The current annual limit is the higher of R350,000 or 27.5% of your taxable income. 🔍 Contributing above this limit may result in missing out on valuable tax savings. However, there’s a solution! 🚀 Consider investing your excess amount into tax-free savings options to continue to maximize tax credits. 💡 Take control of your retirement planning and explore strategies to make the most of your contributions while minimizing #tax liabilities. 🚀 Take charge of your financial future today! #financialplanning

Don’t Leave Money on the Table - Optimize Your Deductions Are you taking every deduction you’re entitled to? Many business owners miss out on thousands of dollars in tax savings simply because they don’t know what they can claim. From home office expenses to retirement contributions, there are plenty of deductions that can lower your taxable income. But it’s important to be strategic—claiming deductions just because you can doesn’t always lead to the best financial outcome. I’m here to help you uncover hidden opportunities and optimize your tax strategy. Together, we can make sure you’re not leaving any money on the table. #TaxSavings #DeductionOptimization #BusinessFinance #SmartTaxPlanning #FinancialHealth

If ever there was a budget that demonstrated the dangers of acting on speculation, and the irresponsibility of speculation itself, then this must be a contender. How many people (and businesses) have acted based on recent scaremongering and guess work from people chasing column inches and clicks? And, how many have now made irreversible compromises to their long-term financial planning? #budget2024 #waitandsee #pensionsavings #savingpensions

The dust is starting to settle on the Budget announced yesterday. “Unintended consequences” seems to be an immediate theme of discussion. What individual, business or market adjustments will we see… Changes to: inheritance tax on pensions, capital gains rates on shares and sale of businesses, stamp duty on properties, employers national insurance - many subjects were covered. How does all of this impact you and/or your business? Ask your tax adviser! 👌🏽 Please reach out to chris@woodwhiteaccountants.co.uk for a deeper discussion.

Following today's Budget, Mark Campbell, Head of Isio Wealth Planning, commented: "This budget is proof of the risks of acting on rumour and speculation ahead of today's announcement. Many of the changes have been well flagged and it is a relief to have some certainty and clarity. Although there are no major surprises, it is evident that individuals have made some decisions based on rumour and speculation which may have been to their detriment.   The obvious impact on clients is the changes to Capital Gains Tax rates, Pensions being included in Inheritance Tax (from April 2027) and amendments to Business Relief rules. These changes may warrant a review by clients and advisers to ensure that their long-term plans remain on track." #Budget2024

Like most similar firms (probably), we are getting a lot of emails/phone calls from clients concerned about the budget in October. Its very hard to predict exactly what the government will do but its likely that capital gains tax, inheritance tax and pensions will see some changes. But making changes today could be more harmful than doing nothing and waiting. So can can you do anything now? Everyone has some idea of what they want in life and an idea of how to achieve it - from working to retiring to succession planning. The budget won't change your ambitions, only the way you achieve them. So the thing to do now, before Oct 30th, is see an independent financial adviser (like me) and make a plan for your future. Then look at what is possible and be ready to adapt. The rules will always change. But the plan shouldn't.