- Financial Planning
- Estate Planning
- Employer Services
- Our People
- About Us
- Contact Us
- Referral Form
Tax & Inheritance Tax Planning
Tax Planning Advice
Taxes are one of life’s certainties, but the tax system has many rules and regulations that allow individuals to reduce the amount of tax they pay. Here at True Bearing we can help you minimise your tax liability by looking at your circumstances and using our knowledge to see what allowances, schemes and rules are most appropriate for you to utilise.
There are many scenarios which may mean you need to seek professional advice about Tax Planning. You may be looking for Inheritance Tax Advice (including Nil-Rate Banding advice). If you have been made redundant and received a lump sum from your employer then you may require some advice on how to minimise the tax you will pay. There are many legal ways that we can ensure that you get the maximum benefit from your redundancy pay-out and we can provide further advice on all the tax minimising strategies that are available to you. You may also wish to discuss the opportunities that are available for Tax Efficient Investing.
Inheritance Tax Advice
Inheritance Tax (IHT) is the tax payable by an estate once a person passes away. An estate is classed as a person’s property, assets and possessions. Depending on the value of the estate, it could run into many hundreds of thousands of pounds but it’s not just those with high value estates that will benefit from IHT advice. Anyone with an estate worth over £325,000 will pay IHT and so in order to protect your wealth and ensure a legacy for future generations, True Bearing can help. There are several ways that we can mitigate or reduce your IHT liability in line with HMRC rules and guidelines.
Nil Rate Banding
Inheritance Tax is normally charged at 40% of the value of your estate above a certain amount. This is known as the IHT threshold or ‘nil-rate band’ (NRB), which is currently £325,000. Additionally, married couples can combine their IHT thresholds, meaning that up to the first £650,000 of their combined estate is IHT-free.
By engaging True Bearing for your Inheritance Tax Planning needs, we can help you create a plan which will ensure you have an accurate and viable Inheritance Tax plan in place. This will take the worry away from your family when you pass on, and give you peace of mind in the meantime. To speak to us about IHT planning, give us a call on 01257 260011 to arrange your no-obligation meeting, or complete our contact form to request a call back.
Tax Efficient Investing*
As well as minimising the tax you pay on your income, we can also assist you with Tax Efficient Investing. Whether you want to make regular savings or invest a lump sum, we can recommend the best tax free savings option for your circumstances, including the following:
- Venture Capital Funds
- Enterprise Investment Schemes (EIS)
- Seed Enterprise Investment Schemes (SEIS)
For more information about how we can help you on the above, get in touch with us today for your no-obligation meeting about Tax Efficient Investing and how it can benefit you.
* True Bearing are not accountants. For accountancy advice, you should consult your own specialist.
We have Independent Financial Advisers located throughout the North of England including Lancashire, Cheshire, Merseyside, Yorkshire and Cumbria. Your local, experienced independent financial adviser will be able to help with all types of tax and inheritance tax planning.
By getting in touch with us today, you can book a no-obligation appointment at our expense. During this introductory meeting, we will get to know you and understand your financial position and personal circumstances so we can be in the best place to assist you with Tax Planning.
How True Bearing Can Help You
At True Bearing, we pride ourselves as being different from many other Independent Financial Advisory firms that provide Inheritance Tax and Tax Planning advice. We understand that taxes can be confusing, complicated and time consuming and we are here to help. We put our clients’ needs at the centre of everything that we do and by understanding their personal needs and wants, we can recommend the most suitable strategies for them.
By employing the services of an Independent Financial Adviser, you can have peace of mind that all the Tax Planning Advice recommendations made by True Bearing are accurate, safe and most importantly, legal. We have the expertise to assist the following with Tax Planning Advice:
- Sole Traders
- Small businesses
We have been providing the best Tax Planning advice to our clients since 2003. As a Chartered Firm, our advisors are amongst the most qualified in the UK. Additionally, our Independent Financial Advisers undergo regular training to ensure their knowledge is up to date to ensure that they are able to make the right recommendations for you.
True Bearing can provide you with the reliable, quality and independent Tax and IHT planning advice. To find out more, get in touch with us today to arrange a one-to-one introductory meeting at our expense. This will give you an opportunity to sit down with a financial planner and discuss your circumstances and needs with us, so that we can recommend which Tax or Inheritance Tax Planning strategy is most suitable for you.
Frequently asked questions about Tax & Inheritance Tax Planning
What is Inheritance Tax?
Inheritance tax (IHT) is paid upon death by the estate, depending on the value of the assets within in. Currently the threshold is £325,000 meaning that any estates over that value will be subject to IHT
How much IHT will I pay?
Tax paid on an estate over the value of £325,000 will be 40%. However, there are various allowances which you could be able to take advantage of to reduce this. Your Independent Financial Adviser will be able to assist you with this.
Should I be worried about IHT?
If you are over the threshold, payment of IHT will reduce the value of the estate that you will be passing to your beneficiaries. Therefore if you are likely to be required to pay IHT, it is worth looking at what steps you are able to take to keep your estate as intact as possible.
Can I reduce the amount of IHT I pay?
Yes, your Independent Financial Adviser will be able to discuss with you the ways that your Inheritance tax bill could be mitigated.
What is the Nil rate Banding
The nil rate banding is currently set at £325,000 which means that the part of your estate under this value will not be subject to IHT.
Can I give away assets before my death to reduce my tax bill?
Yes, you are able to make gifts up to £3k in value every year to friends and family but they will be subject to tax if you die within a certain time of making the gift. Your Independent Financial Adviser will be able to explain how this works and if it is suitable for your circumstances.