Tax Planning

Mark Twain once said that there are only two certainties in life: “death and taxes”. This remains as true today as ever. Furthermore, successive governments in the UK have repeatedly increased the tax burden on individuals and companies alike.

Inheritance Tax

People with fairly modest houses and those who have saved prudently through their career leave estates which will be subject to large inheritance tax bills.

By prudent tax planning we can frequently help to reduce or even eliminate liability to Inheritance Tax or help in postponing when it has to be paid.

For business owners and farmers particular care is needed to ensure that Business Property Relief and Agricultural Property Relief is maximised.

Capital Gains Tax

Our experience over 25 years enables us to give timely advice to those with potential CGT problems whether arising from:

• Sales of a second home
• Disposal of a business
• Buying or selling farms or forestry or agricultural land
• The grant of options or conditional sale agreements to develop land
• Pre-Owned Assets Tax

While a little known tax Pre-Owned Assets Tax is set to become a serious problem for many tax payers who remain unaware of its existence or potential impact. Again, we have the experience to help.

Income Tax

We look after the tax affairs of a number of our elderly clients and in more complex cases (– particularly those involving business clients) we liaise closely with their accountants and other tax advisers to ensure that the best possible tax solution is reached and that the overall effect of one transaction is measured for possible consequences both in Income Tax, Capital Gains Tax and Inheritance Tax terms. It is important, we believe, that the impact of one tax is not looked at in isolation to the others.

Our aim is to ensure that our clients pay as little tax as possible!

For more information on tax planning, please contact RICHARD PENTICOST or HILARY HUGHES on 01435 890101.