Make the most of your money


We all want to feel the full benefit of our hard work and no one wants to pay more than they need to for a house, a car or a holiday. Your taxes shouldn’t be any different. But they can be complicated. At Aspect8, we can guide you through the allowances and reliefs available, so you can be sure that you’re paying the right amount.

The UK tax system is complex, but there can be significant benefits to structuring your finances in a tax-efficient way. Aspect8 advisers are specialists in this field, so we can ensure that you are making the most of the available allowances and that you only pay the tax you need to.

Tax planning is the legal process of arranging your affairs to minimise a tax liability. There are a wide range of reliefs and allowances available to legitimately reduce a liability, but most people do not know about them all, or how to use them.

Tax allowances and reliefs

The government gives you various tax allowances and reliefs each year and although many people do not make the most of these, doing so can be very beneficial. We can help you structure your finances to ensure you are capitalising on all of your allowances, including your personal allowance, capital gains tax exemption, dividend allowance, ISA allowance and pension tax relief. The list doesn’t stop there, so get in touch with your adviser to find out more.

Making sure your investments are tax-efficient

The more tax you pay, the harder your investments have to work to achieve the same returns compared to a lower tax payer. We can structure your investments efficiently to make the most of your money, combining this with the use of your available allowances and reliefs.

When drawing an income, such as in retirement, we can also advise on the best course of action, to make sure it is drawn in the most tax-efficient manner.

Inheritance Tax


The area of tax planning that can most benefit your family is inheritance tax, which can cost your loved ones dearly if not organised effectively. Careful financial planning can significantly reduce, or even avoid,  inheritance tax so that your family reaps the full benefit of your hard work when you’re no longer there.

What is inheritance tax?

When someone dies, the value of their estate is calculated including all property, possessions, investments and savings. Inheritances between married couples are not normally liable to inheritance tax, but if you are leaving any assets to an unmarried partner, child or anyone else, then your estate will be liable to inheritance tax. The only exception to this is if your assets do not meet the nil rate band.

The nil rate band

The nil rate band is the value of an estate that does not attract inheritance tax. It is currently £325,0001 , with 40% tax payable on the value of the estate above that level. If at least 10% of the net value of the estate has been left to a registered charity, a reduced rate of inheritance tax will apply. This reduced rate provides a 10% discount off the standard 40% rate of inheritance tax, so a reduced rate of 36% rather than 40%. There is also a newer allowance, the residence nil rate band, which was introduced in April 2017. This measure introduced an additional nil-rate band, which applies when a residence is passed on to a direct descendant. This currently adds a further £150,000 per person to the tax-free allowance and will increase to £175,000 from April 2020. Estates that are worth more than £2 million will lose some or all of this residence nil rate band. For every £2 of estate over £2 million, £1 of the allowance is forfeited. Inheritance tax is also applied on lifetime gifts to trusts, if they exceed the nil rate band, and can result in an immediate tax charge. It can be complicated, so speak to your Aspect8 adviser to find out more.

How can we reduce inheritance tax?

There are several options available to mitigate inheritance tax. These include gifting assets either directly or into a trust, or buying a life assurance policy to provide your family or beneficiaries with a lump sum payment when you die. This could be used to pay any inheritance tax bill. Alternatively, investments can be an attractive option, as some can qualify for business property relief. There are a myriad of ways to make sure you only pay the right amount, and that your family are not left with a surprising bill.

How can Aspect8 help?

Tax planning is a challenging but integral part of any financial plan and we are here to guide you through the complexities and options. Our objective is always to ensure that both you and your family benefit as fully as possible from the various reliefs and allowances available. We research the whole market to find products appropriate for your lifestyle and needs, always focussing on tax-efficiency as part of a tailored financial plan.

Explore the 8 aspects of successful financial planning

The guidance and/or advice contained within this website are subject to the UK regulatory regime, and are therefore targeted at consumers based in the UK. Aspect8 Ltd is a chartered member of Best Practice IFA Group Ltd which is authorised and regulated by the Financial Conduct Authority.Full details can be found on the FCA website, under reference number 227247.

The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren’t able to resolve themselves. To contact the Financial Ombudsman Service, please visit Ltd is registered in England, no. 07572431.