Taxation Advice
Taxation Advice
Inheritance Tax
Please remember that Inheritance Tax is a voluntary tax. No-one needs to pay it. Careful planning can help avoid there being a liability when you pass on your assets to others.
Since the Finance Act 2006, many people have found Inheritance Tax Planning much more complicated and time consuming.
This means that now more than ever, you should consult us to ensure your money goes to the right people, at the right time, in the way you want it to.
Most of us wish to see our estates pass to our chosen beneficiaries, however a lot of families face losing large amounts of their inheritance in tax simply because some very simple steps have not been taken.
If your Will needs review we can help by advising you of some of the steps you should consider.
Capital Gains Tax (CGT)
Are you now or in the future likely to be liable to Capital Gains Tax or aren't you sure?
A review meeting with us will identify if this tax is likely to be a problem to you and we are able to give you guidance on how to use the allowances you have to minimise the impact of CGT.
CGT can become payable for a number of reasons:
- You may have a second or further property which is not your main residence
- You may have an investment portfolio which has gains 'stored' within it
- You may have other assets which you want to gift to your children which have a 'stored' liability
Contact us now for an initial discussion about how we may be able to help you.
Income Tax
Are you using tax free savings and invesment products to the maximum of your ability? If not we can review the gaps and make suggestions as to how to use tax reliefs and exemptions as a tool to boost your savings values.
If you are Self Employed then are you taking full advantage of your tax subsidy allowance on contributions to your pension plan?