A wise man once said only two things are certain in life, death and taxes. Whilst you have no control over one, the other is fully under your directive. It tends to be that the greater your level of wealth, be it financial, property, assets or savings, taxes payable will be reflectively higher, but initiating the assistance of a tax planning expert will ensure you only pay what you absolutely have to, in a way you fully understand.
At Bailey & Cogger, our tax planning solicitors will go through your estate with you and explain clearly and transparently what is due, when it is due, and how frequently you will be required to pay. One of the areas that tend to cause the greatest amount of confusion is inheritance tax as the government has recently altered their allowance brackets. The limit that you can bequeath in a will to a beneficiary in one payment before they must pay tax has increased, and this change also works in the favour of any ‘potentially exempt transfers’
These transfers are essentially sums of money or shares in an asset that you may gift to a loved one, which, providing you remain alive for 7 years or more after the offering is endowed, will remain absolved of any tax implications
Within our private client team at Bailey & Cogger solicitors we have tax planning experts who will go through all your affairs with you and advise you on the best way forward for both you and the recipients of any financial gift.
Including but not limited to, 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 Kent and beyond
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 appointment to discuss your requirements from as little as £250 plus VAT. After that we can agree funding arrangements to suit your budget.