TAX PLANNING

ADVICE FOR YOU, YOUR FAMILY & YOUR BUSINESS

In this world, nothing is certain except death and taxes (or at least, according to Benjamin Franklin). At TFA we can help you plan for the future and make decisions to reduce your tax exposure – either in your lifetime or on your eventual death. 

TFA are experts in this field and have been providing tax planning advice in Cambridge for over a decade. We have significant experience working with landed estates, tech entrepreneurs, property investors and private equity professionals.

We provide straight forward practical and tax efficient advice you can rely on. We don’t promote questionable tax schemes and will not advise you to set up offshore bank accounts in your late Aunt’s name, but will ensure you structure your tax affairs efficiently and pay the correct (the legal minimum) amount of tax each year.

INHERITANCE TAX

Inheritance Tax is the tax (generally) payable on your death, at rates of up to 40%. Without the right advice and tax planning, you may find that HMRC benefit from your estate in a much larger way that you would hope!

We will work with you to protect your wealth for your family and minimise the IHT liability of your death, whilst ensuring you retain sufficient assets to enjoy during your lifetime. We will make sure that where possible, your estate will benefit from IHT reliefs and tax planning opportunities to include:

  • IHT Nil Rate Band
  • Residence Nil Rate Band
  • Business Property Relief
  • Agricultural Property Relief
  • Spouse Exemption
  • Use of Family Trusts
  • Use of Family Investment Companies
  • Lifetime Giving
  • Gifts from Excess Income
  • Charitable Giving

 

Take a look at our fixed price Inheritance Tax review here.

 

CAPITAL GAINS TAX

Have you sold, given away or destroyed an asset? If so, Capital Gains Tax may be relevant. We are experts in this field and can advise you on the disposal of an investment property, stocks & shares or even your business.

Taking advice before making a sale or transfer can prove critical. TFA will help you understand what tax will be due and advise what can be done to reduce this liability.

The amount of Capital Gains Tax payable will depend on what you have disposed, the type of transaction, what the asset has been used for and for how long, as well considering if one or more of the many Capital Gains Tax reliefs are available. The Capital Gains Tax advice we provide includes:

  • Calculating the gain arising on actual and potential disposals of assets
  • Completion of 30-day CGT returns for UK Residential Property
  • Advice on CGT exempt assets.
  • Advice on maximising reliefs and exemptions to include:
    • Principal residence relief
    • Lettings relief
    • Entrepreneur’s relief
    • Holdover and Rollover relief
    • Spouse and annual exemptions

 

Have you sold a residential property in the UK that needs to be reported to HMRC and tax paid within 30 days? Use our fixed price 30 Day CGT return service found here.

INCOME TAX

Income Tax is often side-lined in complex tax planning projects, but by paying close attention to this each year you can achieve significant savings. We work closely with our clients each year to maximise income tax allowances and where possible, recommend changes to limit the tax due.

Our ongoing income tax advice will include advising on:

  • Retaining your tax-free personal allowance (worth up to £5K per year)
  • Pension Contributions & Tax Relief
  • Tax Efficient Investments such as EIS & VCTs
  • Share Options including RSU payments
  • Gift Aid charity contributions
  • Asset and income ownership between spouses (and civil partners)
  • Timing of dividend payments from your company
  • Profit extraction from your company
  • Business structure to include Sole Trade vs. Limited Company
  • The use of Family Investment Companies to manage annual tax liabilities

 

Contact us today to start saving tax and planning for the future.