Tax is a complicated, continually changing area, and it is important to seek specialist advice to ensure that your assets are protected, exemptions are utilised and exposure to tax is minimised.
For larger estates, Inheritance Tax can significantly reduce what is available for distribution to beneficiaries and assets may need to be sold to pay the tax. So seeking early advice and guidance about the options to mitigate Inheritance Tax liability is a sensible move, and there are lots of different options to be considered depending on an individual’s financial and personal circumstances and preferences.
Income Tax and Capital Gains Tax may also be important issues for private business owners and shareholders. A Capital Gains Tax liability can arise as a result of investments, disposal of a business, land or other assets.
How can Thorntons help?
At Thorntons, we advise clients who are looking to manage their tax liabilities, make charitable provisions or are simply looking for the peace of mind of having their affairs in order.
Our specialist team of solicitors are well placed to advise you on tax-efficient methods of estate planning. We can conduct a review of your estate’s potential liability to Inheritance Tax and advise you of your options.
During the tax year we can review for you any possible business, land or other asset disposal to ensure advantage is taken of any Capital Gains Tax exemption. We can also complete your Annual Tax Return or Repayment Claim (including dealing with capital gains and losses), check notices of assessment and coding notices, deal with any appeals and agree any liability or repayment.
We make it simple. Just hand over all the relevant paperwork and we do the rest. We can even do this on an ongoing annual basis for you, meaning you benefit from the peace of mind that your tax affairs are in order and correctly assessed.