Personal Tax

Most people in the UK get a Personal Allowance of tax-free income. This is the amount of income you can have before you pay tax. Once you go over this threshold, you have to make sure that you are paying the correct amount of tax.

We’ll collect all relevant financial information and enter it on your tax return. We’ll check allowances and whether you’re eligible for any types of tax relief, along with HMRC statements, to make sure you are not overpaying tax. We will identify if refunds are due and will reclaim them on your behalf from HMRC.

We will let you know if there’s an upcoming filing deadline or due date for tax payments, so you avoid paying penalties and interest.

We will also give advice on any capital gains tax that may be due on the sale of shares or assets.  We will share Capital Gains Tax computations where relevant. 

Yes, but this could lead to you making costly errors.  

 

 

 

We have over 30 years’ experience in personal tax and have a proven track record in supporting clients with a wide range of tax-related issues.

 

 

Payment will be due once we’ve completed and filed your tax return with HMRC. 

For more information on this, please contact us.

 

Buy to Let Properties

When a property is rented out it is a legal obligation to declare any profits to HMRC. However, it is often the case that a loss will result and in this circumstance these losses can be used to reduce future profits.

We complete rental accounts showing a full reconciliation of income and expenditure and complete the property pages on the self assessment tax return.

Yes, you have a legal obligation to inform HMRC of all rental profits and maintain accurate records.

No, tax relief is capped at 20% (current basic rate).

Yes, as any losses arising can be carried forward and used to reduce future tax bills.

This will be dependent on whether or not a capital gain has arisen and whether or not you have recorded and declared all capital expenditure.

As from 6 April 2020 the tax must be paid within 30 days

Yes, you will and as from March 2016 a stamp duty land tax surcharge is payable. There is a sliding scale, starting at 3%.

Example:
Purchase price £300,000
Standard SDLT 5%
Surcharge 3%
Total 8%
Charge £24,000

Standard Additional excess rate*

 StandardAdditional excess rate*
£0 and up to £125,000 NIL3%
Over £125,000 and up to £250,0002%5%
Over £250,000 and up to £925,0005%8%
Over £925,000 and up to £1,500,00010%13%
Over £1,500,000 12%15%

*NB additional excess rate not applicable to companies

Inheritance Tax Planning

This is a complex area and as inheritance tax is payable at the rate of 40% on the net estate (after allowances) substantial savings can result by taking action.

We are specialists and can advise you how best to take advantage of allowable reliefs and appropriate trust arrangements.

As probate charges are now at an all-time high we can help you reduce these by having an annual estate valuation.

For a single person it is £325,000 and a married couple £650,000.

Yes, the main reliefs to cut your liabilities are listed below:

Residence nil rate band (RNRB) National purposes
Annual gift Political parties
Marriage /partnership gifts Tapering relief
Gift of land Business property relief
Quick succession relief
Small gifts to one person
Charity donation relief
Lifetime transfers

Yes, but we would require details of your estate in order to make a calculation and predict your liability.

Contact us now and arrange an informal free meeting

Estate Planning

Use our estate planning service and we’ll provide an accurate reconciliation of your estate assets and liabilities every year. 

This will establish the value of your estate and will enable advanced calculation of the potential amount of inheritance tax your estate may have to pay. 

 

Our estate planning service provides an annual financial reconciliation of your estate and confirms the potential current inheritance tax payable.  This helps to reduce probate fees once you’ve passed away. 

The current level for inheritance tax is £325,000 for a single person or £650,000 for a married couple.

Trusts are a legal way of protecting your assets and ensuring they are looked after for years to come.   They can be used for tax planning purposes.

Yes. There are a number of trusts that we can implement for you, the most popular being:

  • Family probate trusts
  • Family will trusts
  • Homeowners will trusts

Other services are also available:

  • Deed of variation
  • Severance of joint tenancy
  • Transfer of equity

Yes, we offer advice on other tax reliefs including:

  • Residence nil rate band (RNRB)
  • Annual gift
  • Marriage / partnership gifts
  • National purposes
  • Political parties
  • Tapering relief
  • Quick succession relief
  • Small gifts to one person
  • Lifetime transfers
  • Charity donation relief

For more information on this, please contact us.

Lasting Powers of Attorney (LPAs)

Lasting Powers of Attorney (LPAs) are legal documents guaranteeing health and/or financial decisions can be made on your behalf by people you trust.

There are two kinds of LPA:

  • Health and care decisions
  • Financial decisions

You can choose family members, friends or professionals to be your attorneys.  Once the LPA is in place, your attorneys can make decisions on your behalf.

If you lose your mental capacity, an LPA will legally allow your appointed attorneys to make decisions on your behalf. You need confirmed mental capacity to make an LPA.

It is the ability to make a specific decision at a specific time.

You may wish to appoint a person to be notified when your attorneys wish to register the LPA with the Office of the Public Guardian and again when you use your LPA.  The person to notify must know you well as they have the right to object to the registration if they feel your attorneys are not acting in your best interests.   A person to be notified cannot also be an attorney.

These could include:

  • Running your bank and savings accounts
  • Making or selling investments
  • Paying your bills
  • Buying or selling your home and other assets
  • What medical treatment you receive, such as life-sustaining treatment
  • Where you live
  • Day to day matters such as your diet, dress, or daily routine

For more information on this, please contact us.

Probate Administration

Probate is the process of administering a dead person’s estate. It includes pulling their money, assets and possessions together, paying debts and taxes and distributing the balance as inheritance. 

Every Will must have an “executor” – someone you’ve chosen to administer your estate.  We act on behalf of executors of clients’ Wills so you can relax and know your beneficiaries will receive the assets you’re leaving to them and the process will be legal, efficient and as stress-free as possible.

 

The grant of representation establishes who can legally collect monies from financial bodies and individuals. We can apply for a grant of representation on your behalf to make the probate process smoother for your family.

When the assets and liabilities of the estate have been calculated, this is reported to HMRC to determine your estate’s tax liabilities such as income tax, inheritance tax and capital gains tax.

Once the net estate is declared a submission is made to the probate office which will issue a grant of probate.

This legally entitles the executors of your will to collect money due to you from banks and elsewhere and to pay any taxes or debts from your estate.

These are the people you would wish to inherit something, or everything, from your trust or via your will.

It is a common misunderstanding that executors can’t inherit from the will; they can.

For a Will to be legally binding, the signature of the person making the Will must be witnessed by two independent people. 

No they cannot. You may wish to make a gift to your witnesses at the time of making the will but this is not obligatory.