Paying taxes is unfortunately unavoidable, and it is essential that you pay what you owe according to what you have and earn. However, enlisting the help of a tax planning professional can allow you to ensure you are not paying over the odds and have a solid plan in place for the future should your circumstances change.
There are certain initiatives and incentives currently in place via the government which have positively affected the tax brackets on the amount you can leave any beneficiaries through your will once you have passed away. Additionally, these have also enhanced the benefits to ‘gifting’ sums of money or shares in property and assets to loved ones, providing of course you remain living for a minimum of 7 years once the gift has been given. Your tax planning professional will be able to go through all the details of these different schemes with you if appropriate so you understand exactly what the right way forward for you will be.
Ensconced within the Private Client team at Pengelly & Rylands, our solicitors can help you with:
- how much you will be allowed to pass on tax free when you die, which may range from £325,000 to over £800,000 depending on your circumstances;
- the tax incentives of being married or in a civil partnership;
- the tax-free gifts you can make during your lifetime;
- how to take advantage of the potentially exempt transfer rules;
- the capital gains tax implications where transfers of money and property are made before death;
- the tax benefits of leaving a share in the family home to your children, grandchildren or other descendants;
- the tax benefits of leaving money to charity;
- the use of trust arrangements to further mitigate your tax liability;
- the availability of business property relief and agricultural property relief; and
- other ways to protect your wealth.
If you are looking for tax advice prior to making your will we can assist you in that process in tandem with any of the above.
Advising individuals and families throughout Tenterden, Kent and beyond
We have offices in Tenterden, Maidstone, Tonbridge, Gravesend and Chatham where we can meet you to discuss your requirements.
We can also offer meetings at your home, or over the telephone via Skype if you have the need to travel abroad extensively.
How much does it cost?
We offer an initial 1 hour appointment to discuss your requirements from £180 inc VAT. After that we can agree funding arrangements to suit your budget.