Efficient Inheritance Tax Planning
Efficient Inheritance Tax Planning can ensure that your loved ones are not left with a large tax liability once you die and planning for this can help to reduce the ultimate tax liability due on your death estate. The inheritance tax threshold is £325,000 per person currently with the amount doubling for married couples and civil partners.
There are various ways you can reduce the size of your taxable estates, such as with lifetime gifts, trusts, charitable giving and other forms of planning. It’s important to think a long way ahead, as some aspects of IHT planning need seven years to take full effect.
Reduce the size of your Taxable Estates
A Northstone Chartered Accountant can help you to efficiently calculate your tax due on your death estate and suggest options to provide forward looking Inheritance Tax Planning.
The inheritance tax threshold is £325,000 per person currently, so married couples and civil partners can have a joint estate of £650,000 before any IHT is payable (this threshold is likely to stay in force until April 2018, though an additional allowance covering family homes only will be phased in from April 2017, starting at £100,000 per person). In most cases tax is currently payable at 40 percent of everything over the IHT threshold.
There are various ways you can reduce the size of your taxable estates, such as with lifetime gifts, trusts, charitable giving and other forms of planning. It’s important to think a long way ahead, as some aspects of IHT planning need seven years to take full effect.
We can help you put suitable arrangements in place.
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Capital Gains Tax Assistance
Corporation Tax Assistance
Inheritance Tax Planning
Personal Income Tax
Property Tax Reclaim
VAT and VAT Registration