Inheritance tax planning ensures your loved ones
Inheritance tax, often referred to as death duties, can pose an unwelcome burden on your family at a time of great sadness. Inheritance tax is a complex area and often seen as unfair double taxation. To minimise any inheritance tax due requires an effective plan which should be prepared well in advance of any liability becoming due.
Inheritance tax used to only impact the very rich, however recent inflation within the housing market has pushed many middle income families into the inheritance tax domain. The current inheritance tax nil rate band (2016-17) is £325,000. If the deceased’s estate is valued above £325,000 tax at 40% is applied. This can result in some families being forced into selling an asset with sentimental value, such as a childhood home, to satisfy their inheritance tax liability.
Protect your family and legacy with effective inheritance tax planning
At Gibson Accounting, we can help you organise your estate to minimise both the inheritance tax liability, and protect your family. Our experience in dealing with HMRC means that we can give you clear, simple, plain english explanations of the options available to you based on your individual circumstances. We can work with you to establish:
• The most effective way to limit your liabilities
• Take advantage of allowances available to you in tax law
• Ensure that your family are not forced to sell their inheritance
The benefits of setting up an effective inheritance tax plan with Gibson accounting are:
• Peace of mind knowing that you have planned for your loved ones
• Knowing that experienced accountants will help you every step of the way
Why not speak to the team at Gibson Accounting to see how we can help you with inheritance tax planning to ensure you are ready for the future. Simply contact us via the below contact form to arrange an appointment to discuss your options.
For every business it is essential that you choose the most appropriate VAT scheme and that your accounting records are up to date and accurate to enable preparation of your vat return. , being registered for VAT means you can reclaim VAT on purchases that have had VAT applied. Some of the VAT schemes available are: Standard VAT Accounting, Flat Rate VAT with or without cash accounting and can have quarterly or annual reporting requirements.Learn More
Income tax is levied on taxable individuals each year for the 12 months ending on the 5th of April. Individuals are required to complete a Self-Assessment tax return if they are Directors of a Company or if they receive income or benefits not subject to PAYE (Pay as You Earn). Any Income tax assessed is then due for payment by 31st January in the year following.Learn More
Corporation tax is the tax applied to profits made by a Limited Company. The small company rate is currently 20% after taking account of allowable business expenses and capital allowances. Planning for the annual tax bill is vital to managing the business’ cash-flow and any interim dividend payments.Learn More
Construction Industry Scheme
In a response to tackle the collection of tax from many in the construction industry HMRC introduced the construction Industry Scheme in 2006. From this point, any subcontractor working on a commercial construction site/development has to register for the scheme with HMRC. If a subcontractor is not registered, the contractor is obliged to deduct 30% tax when making payment to them. A registered subcontractor has tax deducted at 20%.Learn More
Capital Gains Tax
Before you dispose of investment property, shares or any other form of investment, you must consider the potential Capital Gains Tax liability. Planning for any disposal is critical to maximising your or your business’ tax position. Gibson Accounting will help you plan the most tax efficient route by ensuring all the relevant tax reliefs are claimed at the right time.Learn More
Need Some Advice?
Please contact us if you would like any further information.