tax planning

We will help you to work out what assets you have and how much they are worth so you can plan how to avoid inheritance tax in plenty of time.   Remember the seven-year rule when it comes to making gifts. If you survive for seven years after making a gift, inheritance tax (IHT) is not payable. This means you can give away expensive assets to your family without a charge.

Remember the £3,000 allowance for making gifts in a tax year. This allowance, if not used, can also be carried forward for one year.

When someone marries, they can receive up to £5,000 tax-free from their parents and £2,000 from grandparents. Anyone else can give them £1,000 without the risk of the gift attracting IHT.

Individuals are charged Capital Gains Tax (CGT) in respect of gains made from selling, or otherwise disposing of assets.  Understanding CGT is important. We can help you with the calculation of CGT and Income Tax and offer tax efficient solutions.

CREATING A TRUST IN LIFE OR ON YOUR DEATH CAN AVOID MANY FINANCIAL AND TAX PITFALLS.

HM Revenue & Customs has a detailed guide to IHT and will-making - including information on tax-exempt gifts - on its website.

This also has a glossary of terms and the forms you will need if you are dealing with someone else's estate.