Inheritance tax is a fee imposed on the estate of a deceased person who left assets to their heirs or beneficiaries. This tax is calculated based on the total value of the estate, which includes any property, cash, investments, or other assets left behind.
The specific rules and regulations governing inheritance tax can vary depending on the country or state where the deceased person lived and the size of their estate. Certain assets or amounts may be exempt from inheritance tax in some cases, while the tax rate may be determined by the relationship between the deceased person and their heirs in others.
In most cases, the executor or administrator of the deceased person’s estate is responsible for paying inheritance tax.
HOW CAN WE HELP YOU?
- As an inheritance tax saving service provider, our goal is to assist our customers in minimising the impact of inheritance tax on their estate and ensuring that their assets are passed on to their loved ones in the most tax-efficient manner possible.
- We recognise that inheritance tax can be a significant financial burden for families, so our services are designed to assist our clients in navigating the complexities of the tax code and developing a customised plan that meets their specific needs and goals.
- Our inheritance tax saving services begin with a thorough examination of our client’s estate and financial situation in order to identify potential tax liabilities and tax planning opportunities. We work closely with our clients to understand their goals and preferences, and we create custom solutions for them.
- Our services may include estate planning strategies such as trusts, gifting, and charitable donations, advice on how to structure investments to minimise tax liability, and ongoing support to ensure that our clients’ plans are up to date and effective.
HOW INHERITANCE TAX CAN BE REDUCED?
- Annual Gifts
- Lifetime Gifts
- Charitable Donation
- Business Relief
- By Owning Life Insurance Policies
We strive to provide our clients with clear, simple and direct advice and guidance that is specific to their needs and goals at every step of the way.
We understand that estate planning and inheritance tax can be complex and confusing, and we are committed to assisting our clients in making informed decisions and achieving their financial objectives.
WHAT IS TAX INVESTIGATION?
A tax investigation is an examination by the tax authorities of a person’s or a company’s tax affairs to ensure that they have correctly reported their income and paid the correct amount of tax. A tax investigation can be initiated for a variety of reasons, including random selection, suspicion of noncompliance or errors in tax returns, or tip-offs or other intelligence gathered by tax authorities.
Typically, tax authorities will review the individual’s or company’s tax records, financial statements, and other relevant documentation during a tax investigation. Interviews with taxpayers or their representatives may also be conducted to gather additional information or clarification.
HOW CAN WE HELP YOU?
Our goal is to assist them in minimising the risk of being targeted by tax authorities and navigating the process if they are subjected to a tax investigation.
Here are some key ways we will assist our customers:
The first step in lowering the possibility of a tax investigation is to conduct a thorough risk assessment. I would work with my clients to review their tax records, identify any potential red flags or areas of concern, and create a proposed task to reduce the risk of an investigation.
We will examine our customers’ tax returns and other relevant documents to ensure that they are correct and in accordance with all applicable tax laws and regulations.
Maintaining accurate records is critical to reducing the risk of a tax investigation. We will team up with our customers to develop best practices for record-keeping and assist them in implementing effective systems to keep accurate and up-to-date records.
Planning and Strategy:
I would team up with my clients to develop tax planning strategies that reduce their tax liability while remaining in compliance with all applicable tax laws and regulations.
This includes identifying tax-saving opportunities and creating customised plans to minimise the probability of a tax investigation.
WHAT IS THE BEST WAY TO AVOID TAX INVESTIGATION?
One of the best ways to avoid an investigation is to hire an accountant first and foremost. Using an accountant will ensure that your tax return is correct and in accordance with the UK tax regime.
HMRC does, however, conduct a number of random investigations, which are unavoidable. Even if you believe there are no unusual entries in your accounts or on your tax returns, an investigation may still occur.