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Personal tax planning

With the tax regime becoming more complex and more emphasis being put on taxpayers' individual responsibilities, everyone who is subject to taxation needs professional advice and support if they are to optimise their tax position and ensure they meet all the compliance requirements.

We are the tax specialists. We can provide you with year round tax advice on:
• Income tax
• Capital Gains tax
• Inheritance tax
• Estates tax planning
• Non-domiciliary tax issues

Every pound of income tax you save means more income at your disposal, every well planned disposal of assets means minimal loss of capital gains, and every inheritance tax saving means more benefit for your beneficiaries.

Make sure you take full advantage of the tax saving opportunities open to you - call us today for a personal tax planning review.

Self assessment
The term 'self assessment' is proving to be one of the great misnomers of all time. Many taxpayers struggle to understand the complex tax returns and complete them correctly. In the first year of the regime alone, almost 800,000 taxpayers received £100 penalties for failing to submit their returns on time, and almost 400,000 incurred further penalties because their returns were still outstanding six months later!

The constant stream of changes to tax legislation means not only that the returns are becoming even more difficult to understand but also that taxpayers risk incurring more penalties through failing to complete their returns on time or correctly.

We can save you a lot of time, worry, and money by handling your self assessment for you. We will do all the necessary computations, complete your return, and even offer advice on how you can minimise your tax liability.

We can act as your agent, dealing directly with the Inland Revenue on your behalf and, should you be selected for a self assessment enquiry, act for you at any meetings.

Estate planning
Few of us like to think about dying, but equally few of us could live with the thought that we have not made adequate provision for family and friends who survive us.

The legislation that governs passing on your estate to your chosen beneficiaries requires you to plan well in advance. Since none of us knows when we shall die, this means making the necessary provisions now.The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby maximising the amount that goes to your beneficiaries. Nothing is more demoralising than the thought that a substantial slice of the wealth you have worked hard to accumulate will end up in the Government's coffers!

It is equally important when planning to transfer your estate that you make adequate provision for yourself and your spouse in your later years. Striking this balance calls for considerable skill and foresight - and a detailed knowledge of the tax regime.

We provide a discrete estate planning service that includes:
• Help with drawing up and reviewing your will
• Making full use of exemptions and lower tax rates on lifetime transfers
• Optimising lifetime transfers between spouses
• Provide basic advise on the need for life assurance to cover potential     inheritance tax liabilities

We strongly advise you to begin your estate planning right away and contact us for a preliminary review.

Exit strategies
If you are in business, the first thing you need to consider is your exit strategy. Will you withdraw from the business, leaving it for the next generation, or will you hope to sell the business? If you intend to hand the business over, do you have a workable succession plan? If you intend to sell, how will you value the business, find a suitable buyer, etc.? Are you aware of all the tax implications of the timing of disposals?


 
The information in this site is of a general nature and is not a substitute for professional advice. You are recommended to obtain specific professional advice before you take any action.
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Contact us at: 110 Carlton Avenue East, Wembley, HA9 8LY - T: 020 8905 7454 - F: 020 8905 7482
Email: info@mohanreds.co.uk