Tax

Inheritance Tax & Trusts

We try to understand what is important for your family before crafting an intelligent practical inheritance tax plan. Make provisions for your loved ones and have peace of mind, knowing that your assets are protected and they have financial security in place.

Are you concerned that your hard-earned wealth will be subject to unnecessary inheritance tax? We are too. That’s why we offer a full inheritance tax planning service to our clients, one that helps you preserve your legacy.
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We recognise that what works for one client, won’t be the right fit for another. So, we offer a bespoke service that looks at your assets, your priorities and your plans to get the most out of the intricate tax law landscape.
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How do we do this? We do this by considering the following:

  1. Fact finding and understanding the full picture
  2. Appropriateness of lifetime gifts and, if so, which gifts & when?
  3. Cashflow modelling with timeline objectives
  4. Pension planning 
  5. Trusts (Discretionary, Interest in Possession, Bare)
  6. Insurance
  7. Asset protection
  8. Family Investment Company
  9. Utilisation of reliefs
  10. Tax efficient wills

With so many competitors out there, it’s hard to know where to start. With us, you’ll always speak to the same team members. You’ll have your deadlines met. And we’ll go the extra mile to help you meet your objectives.

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Inheritance Tax & Trusts

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Be proactive, not reactive

Plan now, and reap the benefits. Not only does it make tax sense to make your inheritance plan now, it also means that you or your family aren’t pressured into making difficult decisions in the event of a bereavement.

  1. Set up tax efficient strategies to secure your wealth for generations to come.
  2. Take advantage of our proven client credibility in IHT; let us bring our expertise to your family.
  3. Receive practical advice bespoke to your financial matters and family dynamics.

With so many competitors out there, it’s hard to know where to start. With us, you’ll always speak to the same team members. You’ll have your deadlines met. And we’ll go the extra mile to help you meet your objectives.

Frequently Asked Questions

What is a Self Assessment?

Self Assessment isn’t a tax; it's a the form HMRC want you to complete to communicate the taxes you owe. The concept behind Self Assessment is that you take responsibility of completing a tax return annually if necessary, ensuring you settle any tax owed for that tax year. It falls on you to inform HM Revenue & Customs (HMRC) if you believe a tax return is required.

When you undertake a Self Assessment tax return, you comprehensively detail all your taxable income and capital gains. Additionally, you claim any entitled tax allowances or reliefs directly on the tax return and inform them of any additional information to support your assessment.

How do I register for Self Assessment?

A tax year is from 6th April to 5th April, you will need to register by the 5th October following the tax year in which you are required to report income or capital gains.

What information do I need to complete my tax return?

Details of self-employment income and expenses to work out your trading profit or loss for the year. Details of property income and expenses to work out your rental profit or loss for the year. Employment and pensions income information, including forms P60, P11D and P45 from any jobs you have had. Interest certificates from banks or building societies. Details of pension contributions made to relief at source schemes. Details of any chargeable capital gains made in the year

What documents should be held by me?
  • Sales invoices 
  • Purchase invoices for expenses paid
  • Bank statements
  • Statements from letting agents (or details of rental income for property if you do not use an agent if applicable)
  • information showing how you have taken account of any private use of things used in the business (for example, mileage logs for a vehicle used both in the business and privately).
How long do I need to keep records for?

If you are self-employed or receive rental income, maintaining records supporting your tax return is imperative, and these need to be retained for a period of five years following the 31 January deadline. 

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Conversely, if you aren't self-employed, generate no income from property, and adhere to the filing deadline, record-keeping is only required for 12 months post the same deadline. However, if you file your taxes late, the record-keeping period extends to 15 months.

How should records be kept?

The choice is yours in terms of record-keeping format—whether on paper or in digital form. It's worth noting that HMRC is in the process of implementing a requirement to retain digital records, particularly for activities like trading and property income. Anticipating this change now positions you for a seamless transition in the future.

Call us to find out more

Interested? Contact us to see what W Advisory can do for you. We’re ready to make your finances fighting fit.

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