Wednesday 19th January, 2022
The end of tax year is always a mad rush to try and utilise all our personal tax allowances and reliefs in order to ensure that our investment returns and income are generated as tax efficiently as possible. After all, the government makes a limited number of tax incentives and reliefs available to us and it makes sense to utilise them as much as possible. This article aims to highlight some of the mainstream tax planning opportunities that are available and how to use them. If you would like to discuss how you can make the most of these end of tax year planning opportunities, then please don't hesitate to give us a call.Read more
Tuesday 13th July, 2021
Many people are aware that they have an Inheritance Tax liability, but feel that they cannot afford to do anything about it, as they rely on their excess assets to provide an income to meet their expenditure requirements. They are asset rich and income poor. Unfortunately, there does not seem to be a way to gift away the assets, while retaining access to the income generated, without falling foul of the Gift with Reservation rules. However, the Discounted Gift Trust offers an option to give away the asset, while carving out a right to "income" from the assets for life. In the article below I will explain what Discounted Gift Trusts are, how they work, their advantages and disadvantages and who they might be suitable for.Read more
Saturday 22nd May, 2021
Trusts can be very useful in passing your estate to your loved ones and avoiding Inheritance Tax. However, for many, trusts are only used by rich people and therefore remain a mystery. The following article is a basic guide which will explain what trusts are, how they work and some of the advantages of using a trust. It will highlight how all people, rich or not, can make a huge difference for themselves and their loved ones if they use a trust correctly.Read about what a trust is and how it works, or watch our video...
Monday 3rd May, 2021
Inheritance Tax is without a doubt the most controversial and confusing of taxes, with many people unsure of whether their estate will be subject to the 40% Inheritance Tax charge or not. There are difficult concepts such as the Nil Rate Band, Residential Nil Rate Band, gifts with reservation and the IHT 7 year rule, which make it hard for anybody to navigate the complex IHT rules. Many people feel that IHT is unfair, as they have paid taxes all their lives and therefore shouldn't be taxed at death as well. Inheritance Tax for landlords with large property portfolios can be particularly difficult to manage and can leave their executor with a difficult and costly IHT problem. Their main concern is to pass their estate over to their loved ones as efficiently as possible and therefore want to know how to avoid Inheritance Tax (IHT) and reduce their IHT bill. This article will provide a step by step process to putting in place a plan that can help you to reduce your IHT bill carefully and effectively.Read a basic guide to avoiding Inheritance Tax, or watch our video...