Personal tax

Capital gains tax and asset protection
Capital gains tax (CGT) is a complex tax, paid on the increase in value of both business and non-business assets on disposal.

For private individuals, there are CGT implications on the disposal of a significant range of assets, including:

  • shares
  • land and property, including second homes or buy-to-lets
  • units within unit trusts
  • high value personal property, including antiques, art and cars.

We can work with you to plan your purchases and disposals, to make full use of your CGT personal allowance, reduce your liability and protect your assets.

Changes to the CGT regime effective from 6 April 2008 include the abolition of taper relief and indexation allowances – both of which have been valuable in reducing CGT bills – and an 18 per cent flat rate of CGT for both business and non-business assets.

Our expert team can review your CGT position in the light of these changes to provide knowledgeable advice on your most appropriate options.

Tax returns
If you are one of the nine million people who complete a self-assessment tax return each year, you are legally obliged to meet HM Revenue & Customs (HMRC) deadlines to avoid fines and interest charges.

We offer an efficient and comprehensive tax return service for individuals, whether you are resident in the UK or not.

We can prepare your personal return, carry out any necessary calculations, correspond with HMRC and deal with any enquiries.

Personal tax planning
As well as our tax return service, we place great emphasis on working with you throughout your working life – and beyond – to develop tax-efficient strategies to benefit you and your family.

We will work with you to help you minimise the amount of tax you pay during your lifetime by advising you how to make use of all available income tax, capital gains tax and inheritance tax allowances, through measures including trusts and the making of gifts.

Our expert advice can help to achieve your ongoing goals, while helping you to prepare for a comfortable and financially-secure future.

Estate planning and wills
By organising your estate, you can protect your wealth, avoid unnecessary tax bills and ensure that your assets, including your business, are dealt with as you wish.

The earlier you make your arrangements, the greater your chance of taking full advantage of tax opportunities available, so that your beneficiaries receive the maximum benefit.

You may wish to consider trusts as tax-efficient way to give away assets. Trusts will generate income for the trust beneficiaries, while the trustees – which can include you – retain some control over the capital.

When planning your estate, you need to be sure that you make provision for yourself and your partner to enjoy a comfortable lifestyle in your later years. A well-drafted and flexible will can also be a key tool in protecting your wealth for your family.

All of this requires professional expertise and knowledge and we will draw on our extensive experience to advise you on appropriate tax-efficient measures.

Inheritance tax
Rising property prices have significant implications for inheritance tax bills in the future.

Planning ahead to minimise your inheritance tax liabilities as part of your broader estate planning is a wise move and will ensure that you have made the provision that you wish for your family in the future.

Through our estate planning and inheritance tax services, we can work with you to find ways to prevent the taxman taking more of your hard-earned wealth than necessary. These include:

  • the transfer of assets into trusts
  • transferring business assets
  • help with reviewing and drawing up wills
  • planning in respect of the family home
  • lifetime gifts
  • advising on insurance cover to meet potential inheritance tax liabilities.

If you would like to find out more about how we can help you, please contact us.