Tax
The Ashfords Tax Team's approach is built around understanding our client's circumstances and needs. We believe the IHT planning is very important, but provided it is undertaken in conjunction with our clients underlying aims and objectives.
We are committed to providing a quality service in all areas of taxation including:
Income Tax
Income Tax is often overlooked or under estimated in the context of administering a Trust or an Estate. Our Trusts and Estates team are experienced in dealing with Income Tax, including the preparation and submission of Tax Returns. Often this is in conjunction with the administration of a Trust or an Estate or for a client under a Power of Attorney.
We also deal with individual Income Tax Returns for clients and can call upon the services of our own Chartered Tax Advisor where such Returns are complex. Having such expertise available to us is typical of our approach to tax services.
Capital Gains Tax
Capital Gains Tax is now charged at a flat rate of 18% on gains. It has been simplified but, for many business owners, 18% represents an increase in the rate of tax payable.
Planning remains important as some reliefs and exemptions still remain available. Anyone considering disposing (selling or gifting) of an asset should certainly take advice.
Our specialists are able to provide advice on Capital Gains Tax, including both planning and calculating your potential liability. Advice should be taken before the disposal occurs, as afterwards there is often little that can be done to avoid a tax charge. Some disposals (gifts for instance) can also have Inheritance Tax implications as well. Bespoke advice is vital if you think a proposed transaction will give rise to a taxable gain.
Inheritance Tax (IHT)
IHT is a tax on gifts made by individuals either during their lifetime or on their death. It also applies to Trusts, where there are special rules. HMRC are estimated to have raised over £4 billion from IHT in the last tax year. It is a significant tax and planning to avoid or reduce it is essential.
There are a number of exemptions available to individuals including:
Our team is very experienced in advising clients on IHT planning. This includes familiarity with simple one-off planning steps as well as complex arrangements involving substantial assets. We can provide a plan for the long term, or offer advice concerning immediate planning.
Income Tax
Income Tax is often overlooked or under estimated in the context of administering a Trust or an Estate. Our Trusts and Estates team are experienced in dealing with Income Tax, including the preparation and submission of Tax Returns. Often this is in conjunction with the administration of a Trust or an Estate or for a client under a Power of Attorney.
We also deal with individual Income Tax Returns for clients and can call upon the services of our own Chartered Tax Advisor where such Returns are complex. Having such expertise available to us is typical of our approach to tax services.
Capital Gains Tax
Capital Gains Tax is now charged at a flat rate of 18% on gains. It has been simplified but, for many business owners, 18% represents an increase in the rate of tax payable.
Planning remains important as some reliefs and exemptions still remain available. Anyone considering disposing (selling or gifting) of an asset should certainly take advice.
Our specialists are able to provide advice on Capital Gains Tax, including both planning and calculating your potential liability. Advice should be taken before the disposal occurs, as afterwards there is often little that can be done to avoid a tax charge. Some disposals (gifts for instance) can also have Inheritance Tax implications as well. Bespoke advice is vital if you think a proposed transaction will give rise to a taxable gain.
Inheritance Tax (IHT)
IHT is a tax on gifts made by individuals either during their lifetime or on their death. It also applies to Trusts, where there are special rules. HMRC are estimated to have raised over £4 billion from IHT in the last tax year. It is a significant tax and planning to avoid or reduce it is essential.
There are a number of exemptions available to individuals including:
- Gifts to spouses;
- Annual exemptions;
- Normal expenditure out of income; and
- Potentially Exempt Transfers (PETS).
Our team is very experienced in advising clients on IHT planning. This includes familiarity with simple one-off planning steps as well as complex arrangements involving substantial assets. We can provide a plan for the long term, or offer advice concerning immediate planning.
