Other Accounting Needs:
Capital Gains Tax
Reaping the benefits of a substantial profit from the sale of a house or another appreciating property can bring unexpected tax implications. Consult our capital gains tax specialist accountant to navigate this matter effectively.
We can help you with:
- Transfer of assets and reduction of tax liability
- Management of gifts
- Private residence relief
- Using a spouse’s allowances to minimize tax
- Accurate calculation of capital gains tax
- Advice on CGT-free stocks, shares, financial products
Pensions
Staying diligent with pension contributions benefits both you and your employees. We’re here to assist you in navigating the regulations, ensuring a secure future, and fostering a satisfied workplace environment.
Under the Pensions Act 2008, every employer in the United Kingdom must enroll certain sectors of their staff into a pension scheme and make contributions towards it. This is called Automatic Enrolment. Recent changes in pensions, especially those regarding life allowance, affect both individual taxpayers and business owners alike. We will make an assessment of your individual circumstances in order to give you advice that will help you to save as much tax as possible.
Pension Auto-Enrolment
Starting from April 2017, it became mandatory to automatically enroll all employees aged 22 or older, but below the retirement age, who earn over £833 per month (£10,000 annually or £192 weekly) into a pension scheme. Directors of limited liability companies are exempt from this requirement.
Failure to enrol all your staff before the due date could result in a fine from The Pensions Regulator, so it’s important to make sure you have everything in place. Members of our expert team can help set up your business with a pension provider, in some cases for a discounted fee.
Trusts and Estates
Establishing an estate trust can allow your property and assets to be temporarily entrusted to personal representatives upon your passing. Specific tax regulations apply to income and property in this timeframe. Effective tax planning, in compliance with anti-avoidance regulations, can be advantageous for all beneficiaries within a trust.
Inheritance Tax
Inheritance tax, often referred to as an estate tax or death tax, is a tax levied on the value of assets or property that a person leaves behind when they pass away. This tax is typically imposed on the estate (the total value of the assets, including cash, real estate, investments, and personal belongings) of the deceased individual before it is distributed to their heirs or beneficiaries.
The specific rules and rates for inheritance taxes vary by country and even by state or region within a country. Some jurisdictions may have exemptions or thresholds that allow for a certain amount of the estate to be passed on tax-free, while higher-value estates are subject to taxation.
The revenue generated from inheritance taxes is often used to fund various government programs and services. It’s important to understand the inheritance tax laws in your specific location and to plan your estate accordingly to minimize the tax burden on your heirs. Estate planning, such as setting up trusts and making use of available exemptions, can help mitigate the impact of inheritance taxes on your estate.