Personal Tax Planning

Personal Tax Planning

As an individual your needs will change over time. We recognise that:

  • Every pound of income tax you save means more income at your disposal;
  • Every well planned disposal of assets means minimal loss of capital gains proceeds;
  • Every inheritance tax saving means more available for your beneficiaries.

Make sure you take full advantage of the tax saving opportunities open to you. With the tax regime becoming more complex and more emphasis being put on taxpayers’ individual responsibilities, everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet all the compliance requirements. We are the tax specialists. We can provide you with year round tax advice on: –

  • Income Tax
  • Capital Gains Tax
  • Inheritance Tax
  • Trusts and Estates
  • Tax issues, especially relating to residence and domicile
  • International Tax Planning

Self Assessment

  • Is ‘self assessment’ proving to be more complicated than you thought?
  • Are you keeping up with the constant stream of changes to tax legislation?
  • Do you find tax return forms are becoming more and more difficult to understand?
  • Are you risking penalties by failing to complete your returns accurately or on time?

In just the first year of the regime…

  • 775,000 taxpayers received £100 penalties for failing to submit their returns on time
  • some 400,000 incurred further penalties because their returns were still outstanding six months later!

We can save you time, worry and money by:

  • Handling your self assessment obligations for you
  • Doing all the necessary computations, completing your return and, most critically, offering advice on how you can minimise your tax liability
  • Acting as your agent, dealing directly with HM Revenue & Customs on your behalf and, should you be selected for a self assessment enquiry, acting for you in resolving the enquiry

Estate Planning

Have you made adequate provision for the family and friends who survive you? The legislation that governs passing on your estate to your chosen beneficiaries requires you to plan well in advance. Since none of us knows when we shall die, this means making the necessary provisions now. The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries. Nothing is more demoralising than the thought that a substantial slice of the wealth you have worked hard to accumulate will end up in the Government’s coffers! It is equally important when planning to transfer your estate that you make adequate provision for yourself and your spouse in your later years. Striking this balance calls for considerable skill and foresight – and a detailed knowledge of the tax regime. Few of us like to think about dying, but equally few of us could live with the thought that we have not made adequate provision for family and friends who survive us. We provide a discrete estate planning service that includes:

  • Help with drawing up and reviewing your will
  • Making full use of exemptions and lower tax rates on lifetime transfers.
  • Optimising lifetime transfers between spouses
  • Transferring agricultural or business property
  • Transferring assets into trust

We strongly advise you to begin your estate planning right away.

Retirement Strategies

Everyone hopes to maintain the same standard of living in retirement as they presently enjoy while working, but to achieve this requires considerable forward planning. Here are some important questions you need to ask yourself:

Exit Strategies

If you are in business, the first thing you need to consider is your exit strategy. Will you withdraw from the business, leaving it for the next generation, or will you hope to sell the business? If you intend to hand the business over, do you have a workable succession plan? If you intend to sell, how will you value the business, find a suitable buyer, etc.? Are you aware of all the tax implications of the timing of disposals?

Pension Provision

Have you made adequate pension provision, and do you have the right type of pension? Are you aware of all the pension possibilities open to business owners and directors? Are you making full use of all your allowances?

Savings and Investments

Do you have the right balance between savings and investments, and between high and low risk exposures?

Life Assurance and Long-Term Care

Do you have adequate life assurance, and have you made provision for long-term care and medical insurance for you and your spouse in your later years? We can help you answer all these questions and recommend solutions tailored to your particular needs.

Trusts and Executorships

Trusts represent a very tax efficient way to set aside assets for future beneficiaries outside of the inheritance tax net. We can advise on the most suitable type of trust for your purposes, set up trusts, and provide a full range of accounting and tax services for trusts. We can also advise you on the preparation of your will. Where appropriate, we can act as trustees or executors.