Tax, Trust & Estate Planning
We can provide expert guidance on tax and estate planning. Assisting you to plan in the most tax efficient way and helping you reduce your tax liabilities in all aspects of your life.
After having worked hard to build up your estate, it is important that you have a solid plan in place. This means you can pass on that wealth to the people you care about and minimise the amount of tax you pay.
It's important to make sure you aren't paying more tax than you need to. Taxation can be very complicated and the rules, reliefs and allowances often change. This is where we can advise you.
Tax is often the last thing that is considered by families when a relative dies. However, you should be prepared and plan ahead.
We can talk you through the simple steps you can take now to plan for what is to come. They will help you to structure your estate and financial arrangements so that your assets can pass to your beneficiaries tax efficiently.
Tax Planning is not regulated by the Financial Conduct Authority.
Trust Planning helps you to manage assets for the future, so that you can plan ahead and know that taxation is being mitigated.
Since trusts usually avoid probate, your beneficiaries may access these assets quicker than they might access assets that are transferred using a will.
The Financial Conduct Authority does not regulate advice on Trusts.
As a consequence of increasing property prices more people than before have found themselves being caught liable to Inheritance Tax. If your estate is over the inheritance tax allowance (currently £325,000) when you die, it will be subject to a tax, known as Inheritance Tax (IHT).
Residence Nil Rate Band
From April 6, each individual can claim an additional allowance of £125,000 (reducing by £1 for every £2 that an estate exceeds £2,000,000) to offset the sale of a family home on death, on top of their existing £325,000 inheritance tax exemption. This new tax allowance will rise to £175,000 by 2020.
There is a wide range of investment products which are acceptable to HM Revenue and Customs and which enable investors to reduce their potential liability to either income tax or IHT or both.
Pension scheme members can also reduce their family's liability to IHT on the value of the member's death benefits by arranging spousal bypass trusts.
Ultimately, financial planning will focus on what happens to the estate when you are no longer around, we can help by talking to you about the importance of making a will and the basics of IHT. Should you then wish to find out more about estate planning and IHT we can arrange an initial discussion.
The Financial Conduct Authority does not regulate Estate Planning.
Investments which form part of a deceased's estate are re-valued at the date of death, so if they are sold there will be no capital gains tax to pay on any profits.
An additional service which most professional advisers are able to provide is cashflow forecasting. This uses specialist technology to calculate the period of time over which a given investment portfolio might be expected to meet identified needs for income and or capital.
Capital Gains Tax
Let us help you make sure you aren't paying more than you need to.
Individuals are entitled to an annual exemption. If you think that your investments have made substantial gains and you have not yet made use of your annual allowance, you should consider taking financial advice as you may be able to utilise your annual allowance, or reinvest in an ISA (subject to the ISA limits).
Inheritance Tax is a tax on the estate, any ownership of a business, or share of a business, is included in the estate for Inheritance Tax purposes. Let us help you with your Inheritance Tax liability.
The Inheritance Tax threshold remains unchanged for 2019/20 at £325,000, whilst the family home allowance has increased to £150,000. This means individuals (with direct dependants) will be offered a family home allowance so they can pass their home on to their children or grandchildren tax-free after their death.
Trusts can be a useful means of preserving wealth, by allowing assets to be passed down through the generations in a secure and tax efficient manner. There may be tax advantages in setting aside assets in a trust.
The Financial Conduct Authority does not regulate trusts, tax planning or will writing.
The value of investments and income from them may go down. You may not get back the original amount invested.