Personal Tax Planning

The personal tax system is becoming more complex with ultimate responsibility falling on the shoulders of the taxpayer. To optimise a taxpayer’s position requires sound professional advice. This can be offered by us along with completing your tax return.

When looking at your annual tax liability we include:

  • Income Tax
  • Capital Gains Tax
  • Inheritance Tax
  • Trusts and Estates
  • Non-domiciliary Tax issues

Every pound you save means more income at your disposal. Every well planned disposal of assets means minimal loss of capital gains, and every inheritance tax saving means more benefit for your beneficiaries.

Inheritance Tax

Few of us like to think about dying, but equally few of us could live with the thought that we have not made adequate provision for those who survive us.

The legislation that governs passing on your estate to your chosen beneficiaries needs tax planning well in advance. Since none of us knows when we shall die, this means making the necessary provisions now.

The earlier you make arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries.

Nothing is more demoralising than the thought that a substantial slice of the wealth you have worked hard to accumulate will end up in the Government’s coffers!

It is equally important when planning to transfer your estate that you make adequate provision for yourself and your spouse in your later years. Striking this balance calls for considerable skill and foresight – and a detailed knowledge of the tax regime.

We provide a discreet estate planning service that includes:

  • help with drawing up and reviewing your will
  • making full use of exemptions and lower tax rates on lifetime transfers
  • optimising lifetime transfers between spouses
  • transferring agricultural or business property
  • transferring assets into trust
  • arranging adequate life assurance to cover potential inheritance tax liabilities.

Contact us for a preliminary review from here >>>

Trusts & Executorships

Mainly due to the rise in the value of the family home, the inheritance tax threshold is often not enough to protect beneficiaries from a tax burden. One easy and tax efficient way that this can be managed is using trusts. There are many different types of trusts and we can advise you on the most efficient one for you and also look after the required accounting procedures necessary.

Where appropriate, we can act as trustees or executors.

Non Domicile, Residency and International Tax

Many of our clients have complicated international personal and business tax issues.

Redwoods Accountancy Services have a great deal of experience in dealing with these types of tax planning matters. Anyone with extensive interests outside the UK or who are looking to move to the UK could benefit from a review of their international tax position.

Over the last number of years, major changes have taken place in the UK tax liability of non-domiciled individuals, known as ‘non-doms’ that live in the UK.

The Government has been keen to ensure that non-doms pay tax in the UK. However, there are still opportunities for individuals whose domicile is outside the UK to benefit from some of the UK’s rules. We are happy to help any non-doms living in the UK to ensure they consider the optimal tax treatment of their non-UK income and capital gains.

In 2013, new rules that defined residency status came into effect. Prior to this date, there was a formula that was used to identify whether someone was resident in the UK or not.

The new Statutory Residence Test (SRT) introduced a number of new and potentially complex tests to help ascertain residency status. We can help you understand the process and ensure that your UK tax position is correct.

We also have experience with individuals leaving the UK and the opportunities this provides for reviewing their tax position. We have a number of expatriate clients and would be happy to work with you to ensure that you are taking advantage of any available tax savings opportunities.

Many businesses also have complex international tax issues. If you are an overseas business looking to establish a UK presence, we would be happy to help you get started.

Make sure you take full advantage of the tax saving opportunities open to you –contact us today for a personal tax planning review.

Ask us about R&D tax credits!