The HMRC are known to take a fair share of your assets when doing business or owning property in Britain. So having the right Tax strategy in the UK is essential to avoid paying more taxes than you need to.
NB: And of course the asset protection strategies we propose in this article is 100% legal and used by leading tax advisors across the UK.
So what is the most effective strategy to protect your assets in the UK?
According to Tax specialist in Manchester, Issac Qureshi, the most effective strategy for protecting your assets is to place them in a legal arrangement known as a trust or asset trust. A trust is an arrangement where you place your savings (liquid assets), assets, investments, and/or property to get a full — and fully legal — tax exemption and other benefits. The tax exemption comes from the fact that *legally* you don’t technically own the assets you put in the trust. The trust is its own legal entity, and therefore not subjected to taxation. You can however, keep the full control of the trust and the assets in it, so you can get back your assets when needed at any time.
Another common application of assets trusts is to leave assets in a trust controlled by a child or relative, so they can get position of the assets and avoid paying inheritance tax when you pass away. Or you can simply safeguard assets from being eroded by your current high tax rate, so you can retire on the income from them later on in your life.
To find out whether an asset trust is right for you, you need to find a Tax adviser in the UK who have experience with using trusts for a situation similar to your’s. Isaac Qureshi, whom we mentioned above, is specialising specifically on setting up asset trusts for wealth and asset protection, inheritance, retirement, and much more. But generally, if you are foreseeing an income change in the future or have multiple assets increasing your tax pressure, it is a good idea to at least have a talk with a qualified professional to find out if you’re paying too much.
For more information about improving your tax strategy, contact Tax specialist in the UK