Despite Benjamin Franklin's grim prognosis, it is imprtant to be aware that careful planning can mitigate the impat of taxation. It can also enable you to deal with personal matters and concerns which can only too easily be neglected. Saving tax in your lifetime With the introduction of self-assessment, there is an increasing need to be aware of the taxes you pay and the tax saving opportunities available. These fall into three main areas. There is scope for tax saving here.
Inaction can be expensive in the long term.
Pensions are an increasingly complicated area, whatever your employment status. Inheritance tax on your death will be calculated by reference to the value of assets in your estate and the way in which your assets are left. But there may be assets in your estate which do not need to be there. Ensuring that the proceeds by-pass your estate may save inheritance tax and will simplify the administration of your estate. Again, ensuring that the benefits by-pass your estate may save inheritance tax and will simplify the administration of your estate.