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Personal Accountacy Services

Confidential & Professional services you can trust

ESTATE PLANNING

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.

We provide a discreet 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
Arranging adequate life assurance to cover potential inheritance tax liabilities

We strongly advise you to begin your estate planning right away by contacting us for a preliminary review.

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Estate Planning

INCOME TAX RETURN

Self assessment can be a time consuming and often confusing business for busy individuals and judging by the hundreds of thousands of taxpayers who are penalised by the HM Revenue & Customs each year it can also be very costly if:

Deadlines are missed
Incorrect returns are delivered
Appropriate records are not retained or presented

We aim to spare you all these headaches and free up your valuable time by offering a comprehensive Individual Self Assessment service, including:

Liaising with your bank, building society, stockbrokers etc to gather the relevant data for your annual returns
Calculating your tax liability
Completing and filing your tax return on your behalf
Advising you when various payments are due and how much to pay
Advising on appropriate record retention
Introducing you to any relevant tax saving ideas
Representing you in the event of your being selected for investigation by the HM Revenue & Customs

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Income Tax Return

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PERSONAL TAX PLANNING

We offer a specialist personal tax planning service tailored to your individual needs that includes:

Advice on minimising tax liability for all personal taxes, including:
Income tax
Capital gains tax (CGT)
Inheritance tax (IHT)
Non-domiciliary taxes
Completion and filing of relevant returns
Advice on what payments are due and when
Advice on trusts and estates

We can offer you personal tax planning advice from one of our Tax Partners.

He or she will help you optimise your tax position and ensure you meet all the compliance requirements.

Clients who benefit from this service attest to the value of an independent adviser who can look at their situation within the larger picture.

Your personal Tax Adviser will also be available to advise on issues such as:

How best to handle benefits such as company cars and accommodation
Whether directors should be paid by salary or dividend
How to minimise CGT liability on disposal of assets
How to optimise your tax position when living or working abroad

With the complex nature of tax and finances today, we also encourage our clients to develop a comprehensive personal finance plan that, in addition to general tax planning, covers:

Provision for education costs
Mortgage planning
Savings & investments
Insurance planning
Healthcare provision
Retirement planning
Estate planning

Decisions made in any of these areas are likely to affect one or more of the others, which is why we recommend working within an overall plan.

We can help you draw up a comprehensive personal financial plan.

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Personal Tax Planning

RETIREMENT PLANNING

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.

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Retirement Planning

UNIT INVESTMENT TRUSTS

Trusts are extremely useful instruments for tax planning purposes. They are particularly useful for holding shares in private companies as part of a family financial or tax plan - especially if you want to reduce inheritance tax liability in your estate.

They can also be useful for:

· Providing funds for your children's education, maintenance, etc.

· Restricting access to property by future beneficiaries

· Providing for people who are mentally or otherwise incapacitated

· Gifting to charity

There are four main types of trust:

1. Life interest trusts

2. Discretionary trusts

3. Accumulation and maintenance trusts

4. Bare trusts

Each type of trust receives different tax treatment and can be adapted to many different purposes.

To take full advantage of trusts in your tax and estate planning you need to receive expert help and advice.

We can help you determine which types of trust are suited to your purposes, prepare the necessary documentation, and advise on appropriate trustees.

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Unit Investment Trusts

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Personal Accountacy Services

Confidential & Professional services you can trust