2024 Tax Year End Networking Breakfast

In February,  McKenzie & Co Financial Consultants welcomed 22 Bath-based locals to better understand the value of financial advice through efficient tax planning.

Simon Martin, an expert from St. James’s Places Tax & Technical department led a presentation to a fantastic mix of business owners and curious self-employed professionals looking for strategies and insights to navigate the complexities of taxation.

Our goal was to highlight the recent changes in tax legislation and spark discussion over everyone’s business planning.

We asked 3 critical questions in their self-evaluation:

  • How much capital will you need to fund the future lifestyle that you want?
  • How close are you, in terms of both your personal and business wealth?
  • Are you running any risks or missing any opportunities?

3 Key Take-Aways

Understanding Tax Efficiency

Tax efficiency goes beyond merely reducing taxes; it involves strategically managing investments to minimise the impact of taxes on returns. During our breakfast session, we explored various aspects of tax efficiency relevant, including:

Tax-Efficient Investments: The best time to start investing in products such as ISAs (Individual Savings Accounts) and pensions is now because they offer tax advantages like tax-free growth or tax relief on contributions.

Capital Gains Tax Planning: With the recent changes in capital gains tax legislation for 2023 and soon again for 2024, we examined strategies for optimising CGT allowances and utilising exemptions to reduce tax liabilities on any investment gains.

Inheritance Tax Considerations: We discussed ways to structure estates and utilise inheritance tax reliefs, such as Business Relief, and exemptions effectively to minimise the tax burden on beneficiaries.

As principal sponsors of the Bath Cricket Club for the past 3 years, the newly refurbished premises are always our first choice for hosting our networking events. Their delicious catering of brioche bacon rolls and their top-notch hospitality ensure our mornings always go smoothly.

At McKenzie & Co we understand that tax efficiency is paramount in financial performance and preservation. Whether you’re planning for retirement, expanding your business, or structuring your estate, we’re here to help you navigate the complexities of UK taxation and optimise your financial outcomes.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise.  You may get back less than the amount invested.

The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.

Get in touch with us today.

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