Today, more and more emphasis is being put on taxpayers’ individual responsibilities and nearly everyone needs professional advice and support if they are to optimise their tax position and ensure they meet the compliance requirements.  At Savage Accountants we can provide you with year-round advice on all aspects of personal taxation.

We can also apply this knowledge and consider tax planning for you and your family as a unit.

Inheritance tax planning
Few of us like to think about dying, however we should plan well in advance for this and make the necessary provisions now. There are many tax opportunities available and the earlier arrangements are made, the greater the opportunity of taking advantage of these.

It is important when planning to transfer assets that the right balance is kept for you and your family.  This requires a detailed knowledge of the current tax regime. We can provide a discreet inheritance tax planning service that includes:

Liaising with your solicitor to plan or review your will;

making full use of exemptions and lower tax rates on lifetime transfers;

optimising lifetime transfers between family members;

transferring agricultural or business property;

transferring assets into trust; and

liaising with financial advisors to provide adequate life assurance to cover potential inheritance tax liabilities.

Capital Gains Tax planning
Do you have a second home or rental property? Or perhaps a small portfolio of investments? Do you understand the capital gains tax position on the disposal of these or other assets?

Capital gains tax is due on any gain realised on the disposal of assets such as shares in the company you work for or land that you own, amongst many examples.

The capital gains tax due on the disposal of property can be difficult to calculate, particularly if you have lived in the property at some point.  If you are thinking of selling a rental property or second home, we can assist you with calculating the potential tax liability, so you can make an economic decision on whether to sell.