To avoid unexpected tax liabilities we provide tax planning services to all clients. On an annual basis this may involve the preparation of management accounts before the year end to enable us to estimate your profits and therefore tax liability for the year. We can then look at ways of reducing this liability prior to the year end.
By estimating your future tax liabilities you will be aware of the likely tax payments and deadlines due. This will assist you in setting aside funds to meet these liabilities.
Significant disposals of assets are subject to Capital Gains Tax. The disposal of such an asset (including the sale of your business) should be planned to ensure all eligible reliefs are utilised and to make you aware of the tax consequences of the sale including a calculation of the tax liability which may be due.
Another area which may require planning is the exposure of your estate to Inheritance Tax. By estimating the value of your estate we can calculate the inheritance tax that would be due should you or your spouse die. We should ensure that the nil rate band is utilised and can advise you on steps that can be taken to reduce your estate’s exposure to Inheritance Tax.
Please contact us today to find out how we can help.