Expert Tax and Estate Planning Advice

Nobody likes the word ‘tax’ - the UK tax system is complex to say the least, but for most of us, it all boils down to large sums of money being taken from our salaries! Every individual is affected in some way, although finding the available relief and allowances you may be entitled to is not always easy.

You may already be struggling with the completion of your Self Assessment Tax Return or perhaps you have become the beneficiary of an estate where for the first time you are required to notify the Inland Revenue of new sources of income. Our tax advice and tax planning department will help you to prepare annual tax returns with supplementary pages and deal with the Inland Revenue on your behalf.

Whether you are an individual tax payer, Trustee or Executor we are here to advise you on a range of tax planning issues. Our range of tax planning services includes the following:

Inheritance Tax Planning

Inheritance Tax is affecting more and more people and is an increasingly complicated subject. There have been significant changes in the last few years which may affect your existing Will. The government sets the threshold each year, for the current 2006 - 2007 tax year, that is £285,000. If your estate is worth above that level, unless you leave everything to your spouse, registered partner or a charity, your Executors will pay tax on the excess at 40%. The money for the tax will come from your assets.

The amount of money you give away in your lifetime (specifically in the 7 years before your death) may affect your tax free amount. Please take advice before making any gifts over £3,000. Our inheritance tax experts can advise you about the tax implications of what you want to do, and discuss your options to minimise the tax impact on your estate.

For more information on personal tax and estate planning contact Anita Bates on:

Tel: 01892 526442
Email: abates@mayowynnebaxter.co.uk