Estate Planning

Expert tax planning services tailored for you

The Tax Planning Team at Mayo Wynne Baxter acknowledges that no one likes the word ‘tax’. The UK tax system is complex and often condemned by taxpayers who pay large sums of money from their salaries.

We are all affected by tax in some way; so sensible and strategic tax planning could highlight any potential allowances that you may be entitled to.

We appreciate that some of our clients might struggle with their Self Assessment Tax Returns, so our tailored tax advice will help you prepare your annual returns, and correspond with the Inland Revenue on your behalf.

Our tax planning services include:

  • Individual Self Assessment Tax Returns
  • Income Tax Repayment Claims
  • Tax avoidance - making sure you are not paying too much
  • Trusts & Estate Tax Returns
  • Capital Gains Tax
  • Pension Credits

Inheritance tax may affect us all at some point in our lives, so we aim to make a distressing and often complicated process a little easier for you. Below is a broad outline, but for more detailed information, please speak to one of our team.

Inheritance tax is charged at 40% on the value of your estate above your relevant threshold. 

The government sets these tax-free thresholds. There are two: one which is available to everyone and is currently £325,000.  The other is only available to parents who leave their property to their descendants and is set at £175,000.

These thresholds are transferable between spouses or civil partners, so that a surviving spouse or civil partner may be able to increase their exemption up to double the available allowance.  The exact value of that increase depends on how much of their own threshold their late partner used.

There are also exemptions so that no tax is paid on the value which passes to a spouse, civil partner or charity.

Once you’ve deducted the available thresholds, and taken into account any exemptions, the balance will be taxed at 40%, unless you can apply a lower rate of 36% where there is a substantial gift to charity.

The amount of money you give away in your lifetime (specifically in the seven years before your death) may affect your tax-free amount. Please seek tax advice from one of our specialist advisers before making any gift over £3,000.