Master your tax rate

It’s surprising how many people are paying more tax than necessary. Taxes can make a big hole in any retirement or investment plan, but you need to know the rules and understand how they apply before you can hope to minimise your liability. 

Tax liability frequently acts as a deterrent to investors who would like to switch to different investment vehicles. There’s nothing worse than watching your assets decline in value and not being able to rescue them because the tax incurred would be even greater than the existing rate of attrition. In such cases, you’ll need a plan that takes advantage of tax allowances to minimise your tax liability.

Making a tax-efficient plan is one thing, but it can take years to work your way free of tax issues you may have inadvertently created with past investments, so there’s never a bad time to take a closer look at how you are set up.