Personalised Services

Estate Planning

Passing on a lifetime’s wealth to those you choose:

When you have spent a whole lifetime building up your personal wealth, you want to think that upon your death your estate will pass into the hands of your chosen beneficiaries and not into the hands of the Taxman.

And yet, all too often we meet clients who are shocked at how much of their inheritance is taken from them before they even see it! At present rates, the Taxman can take up to 40% of your estate! Yes almost half its value!

Inheritance tax (IHT) used to be referred to as a ‘voluntary tax’ for the very wealthy, but with the recent dramatic increases in property values without a corresponding increase in the IHT threshold, many more estates have come within of the Taxman’s reach.

This makes estate planning all the more necessary – and all the more urgent.

There are a number of ways to reduce the potential tax liability on your estate, but they all involve careful planning – often over a long period.

Lifetime gifts, the judicious use of trusts, and care with transfer of agricultural and business property can all help to reduce IHT liability.

It is also possible to mitigate potential inheritance tax liabilities by arranging adequate life assurance cover.

We can help you with your estate planning, including succession planning and business exit strategies.

We can also help with the drafting and updating of your will, and where appropriate, act as trustees or executors.

Call us today to discuss how we can help you preserve as much of your wealth as possible for your chosen beneficiaries. But don’t leave it too late!

Personal Tax Planning

Benefiting from our personal tax advisory services

We offer a specialist personal tax planning service tailored to your individual needs that includes:

  • Advice on minimising tax liability for all personal taxes, including:

  • Income tax

  • Capital gains tax(CGT)

  • Inheritance tax (IHT)

  • Non-domiciliary taxes

  • Completion and filing of relevant returns

  • Advice on what payments are due and when

  • Advice on trusts and estates

We can offer you personal tax planning advice from one of our Tax Partners.

He or she will help you optimise your tax position and ensure you meet all the compliance requirements.

Clients who benefit from this service attest to the value of an independent adviser who can look at their situation within the larger picture.

Your personal Tax Adviser will also be available to advise on issues such as:

  • How best to handle benefits such as company cars and accommodation

  • Whether directors should be paid by salary or dividend

  • How to minimize CGT liability on disposal of assets

  • How to optimise your tax position when living or working abroad

With the complex nature of tax and finances today, we also encourage our clients to develop a comprehensive personal finance plan that, in addition to general tax planning, covers:

  • Provision for education costs

  • Mortgage planning

  • Savings & investments

  • Insurance planning

  • Healthcare provision

  • Retirement planning

  • Estate planning

Decisions made in any of these areas are likely to affect one or more of the others, which is why we recommend working within an overall plan.

We can help you draw up a comprehensive personal financial plan.

Call us today to discuss how we can help you manage your personal finances more effectively.

Retirement Strategies

Peace of mind now and in the future

Are you confident you have made adequate preparations for your retirement?

These days, with increasing life expectancy and advances in healthcare it is not uncommon for people to live for twenty to thirty years after they retire. This can be more than half the time they spent working!

Ensuring adequate income for life in these circumstances requires careful planning across a wide area:

  • More and more people are supplementing their pension provision with other sources of retirement income, such as savings products, investments, and even property acquisition. The tax and financial implications of such decisions are complex and require timely and expert advice.

  • Then there are the questions of when you should plan to retire and how you will leave your business – whether you will pass it on to others in the family or sell it and cash out. It is wise to prepare your exit strategy well in advance and to be sure you optimise your tax position while you still have flexible options.

  • Finally there are matters of life assurance provision, long-term care, and medical insurance to consider if you are concerned to maintain a good quality of life throughout your retirement.

The three keys to successful retirement planning are:

  1. Plan well ahead – It is never too early to start retirement planning. The earlier you start the greater your chances of achieving your objectives

  2. Maintain balance & flexibility – It is especially important to achieve an appropriate balance between high and low risk exposures, and to maintain flexible options with regard to instruments such as pensions, savings, investments, and insurance.

  3. Seek professional advice – This a very complex and continuously changing area, and we strongly recommend you seek skilled, professional advice at every step.

Our professional team can help you draw up and implement a comprehensive retirement strategy – giving you peace of mind to enjoy life to the full now and into the future.

Call us today to discuss how we can help you plan effectively for your retirement.

Self Assessment

Sparing you the headaches

Self assessment can be a time consuming and often confusing business for busy individuals.

And judging by the hundreds of thousands of taxpayers who are penalised by the Inland Revenue each year it can also be very costly if:

  • Deadlines are missed

  • Incorrect returns are delivered

  • Appropriate records are not retained or presented

We aim to spare you all these headaches and free up your valuable time by offering a comprehensive Individual Self Assessment service, including:

  • Liaising with your bank, building society, stockbrokers etc to gather the relevant data for your annual returns

  • Calculating your tax liability

  • Completing and filing your tax return on your behalf

  • Advising you when various payments are due and how much to pay

  • Advising on appropriate record retention

  • Introducing you to any relevant tax saving ideas

  • Representing you in the event of your being selected for investigation by the HM Revenue & Customs

Call us today to discuss how we can spare you the headache of tax Self Assessment.

Trusts & Executorships

Take full advantage of these tax planning tools

Trusts are extremely useful instruments for tax planning purposes. They are particularly useful for holding shares in private companies as part of a family financial or tax plan – especially if you want to reduce inheritance tax liability on your estate.

They can also be useful for:

  • Providing funds for your children’s education, maintenance, etc.

  • Restricting access to property by future beneficiaries

  • Providing for people who are mentally or otherwise incapacitated

  • Gifting to charity

There are four main types of trust:

  1. Life interest trusts

  2. Discretionary trusts

  3. Accumulation and maintenance trusts

  4. Bare trusts

Each type of trust receives different tax treatment and can be adapted to many different purposes.

To take full advantage of trusts in your tax and estate planning you need to receive expert help and advice.

We can help you determine which types of trust are suited to your purposes, prepare the necessary documentation, and advise on appropriate trustees.

Call us today to discuss how you can take advantage of this extremely useful tax planning tool.