Inheritance Tax Planning
Wills | Gifts | Trusts
Our consultants will give you specialist advice on Inheritance tax Planning. You can call us or use the form to book an appointment with us.
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Inheritance Tax is levied on the possessions, money and property of a person who has died. Should the estate value come below the threshold value of £325,000, or should the deceased person leave everything to their spouse, civil partner, a charity, or community amateur sports club, there will be no tax payable? In the case where the deceased person’s property is given to their children or grandchildren (including any step-children, foster children or adopted children), the threshold value rises to £425,000. In the case of couples with an estate worth less than the threshold who are married or who have a civil partnership, any unused threshold amount is added to their partner’s threshold upon their death, increasing their threshold up to a total of £850,000. Inheritance Tax laws can be complex, so it is recommended to consult our experienced professional Tax Accountant for help and advice.
Who We Are ?
We Are Professional Accountants, Tax Advisors and Business Consultants
Our team consists of highly qualified accountants, Ex HMRC Tax Inspectors and industry known business consultants
If you are self-employed or have a small business, let our team of best accountants and tax advisors take care of your accounting and tax compliance
We are here to help you with any questions you may have
Normal accounting is focused on reporting profit or loss of the business and will be governed by GAAP. But Tax accounting is majorly focused on the impact of transactions on tax liability.
Every business including sole traders, partnerships, limited companies and large business will plan for their taxes and make amendments to financial statements and include any past or future tax liabilities through tax accounting entries.
Tax accounting enables and empowers business to comply with tax law and prepare for any future tax liability. Tax Accounting is part of accounting which will be governed by the laws of taxes in that jurisdiction. Apart from tax compliance, tax accounting will help you generate cash flow in real terms. Any future tax liability will be added to cash flow of business in order to save money for future tax payments.
HMRC have published guidance to record income and expenditure on cash basis or accrual basis. They will accept any tax planning which is part of final accounts and is not tax avoidance.
No tax accountant is not more expensive then a normal accountant. We have specialist knowledge and experience to minimise your tax bills.
There is not much difference in the costs. Most of tax accountants will charge for advice and tax planning. Whereas accounting will be the same for every business. The difference is to include tax planning in accounts.
Your accountant may have included some normal tax provisions. If not you may be able to make adjustments in your current financial year. If you are loosing any tax reliefs, you may need to amend accounts and resubmit to HMRC and companies house.
Not answered above?
If you need advice regarding your personal circumstances, please call our office or book an online appointment.
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