Basic taxation

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1. Your tax breaks courtesy of the government

This workshop explains how you might get the most out of the annual government tax breaks.

There are two basic ways to save tax legally:

1. Use your annual income tax allowance and capital gains tax exemption

   Smart tax saving begins at home. Here you can redistribute income and assets to make best use of each family member's annual personal allowances and exemptions. You may also wish to consider making appropriate inheritance tax arrangements to help retain your wealth within the family when you die.

2. Use your annual contribution limits for tax-efficient investments

   If you hold your favourite shares and funds within a tax-efficient wrapper you can improve the returns. Successful tax efficient investing requires common sense and expert advice, in equal measures. Before you take the plunge, check that the particular use of a product has a genuine benefit. In some cases the cost of setting up and maintaining the plan can outweigh any tax savings.

Finally, do remember that all transactions must comply with current tax law and be carefully documented. For more complex arrangements you may need to consult a qualified accountant, while an investment adviser may be able to help you make the most of the investment opportunities.

1. Your tax breaks courtesy of the government 2. Keep it legal 3. Income tax - first principles 4. Income tax - keeping it in the family 5. Capital gains tax (CGT) 6. How to avoid CGT on your share portfolio 7. Inheritance tax (IHT) planning 8. The most popular tax efficient investments 9. The tax treatment of collective funds 10. Tax efficient but may be very risky 11. Self assessment - who needs it? 12. Self assessment - key dates 13. Do you need an adviser? 14. Conclusion