Efficient tax planning is at the heart of everything we do so you to hold onto as much of your hard-earned income as possible. How you structure your personal and company undertakings can have a huge impact on your taxes. Individuals, families and businesses all benefit from tax planning UK. Corporation tax, capital gains tax, VAT and PAYE all must be considered. Optimizing tax relief and exemptions can ease the impact of upturns and downturns in business, protecting cash flows.
Being well-advised throughout all phases and throughout the Major Events, Transactions and Decisions you take generally can make a simply enormous impact on your wealth generation and preservation.
When you die, the assets that you leave behind are known as your estate – things like your possessions, savings and investments, and property. If your estate is valued above a certain threshold, inheritance tax may be charged on it. The normal rate of inheritance tax is 40% in 2020, as it has been for many years.
With the average house price alone in the UK being about £230,000, you’d be forgiven for thinking the Treasury will make some serious gains from your demise. But there are wide-ranging mitigations that may protect a good deal of your estate from inheritance tax.
If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £500,000.
If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die. This means their threshold can be as much as £1 million.