Modern day tax professionals do not wear masks, nor do their clients need fear dealing with such tax consultants. If you prefer, you can call it tax efficiency - since no laws are being broken, but your hard-earned money is being saved for your own private use, or for that inevitable rainy day.
K2 Tax Scheme
'As bad as benefits cheats': Minister attacks Jersey tax avoidance scheme that Jimmy Carr 'has £3.3m in' Comedian Carr is 'largest beneficiary' of scheme which shelters #168m a year from taxman. Danny Alexander, Chief Secretary to the Treasury, says rich tax dodgers are 'moral equivalent of benefit cheats'.
Many working people, and recently retired people, had their pension plans chosen for them, and they often have little idea about how their particular pension investment is performing. The problem is that very few of us have a good understanding of exactly how our pensions actually work, or what our pension options might be.
If you are employed, a sole-trader, in a partnership or the director of a limited company, then personal and business tax planning should be important to you. Tax rates, and the relevant tax laws change often, and it is important to keep abreast of the changes and how they may affect you personally via professional advice.
You may run a business but also have private income from other sources, in which case your complicated tax arrangements should have the benefit of a tax specialist, and possibly a legal tax specialist, and not simply an accountant.
You deserve to hang onto as much of your cash as you are legally entitled to, and a great many people pay too much tax. It is not a case of trying to stretch the law, it is a case of using the detail of the law to save yourself money, detail that you may not be aware of. If you are not dealing with a professional tax adviser then there is every chance that you are paying too much personal or business tax. If you are a company director or in a partnership, or are self employed, then you will already have an accountant, but you may not enjoy the full benefits of a tax specialist.
You may consider that such a tax specialist might be expensive. Tax specialists typically get paid if they manage to help you make a great saving, they don't typically charge by the hour.
Inheritance Tax This tax is due to be paid "before" the estate can be distributed to the next of kin. By careful tax planning in your will we should be able to reduce the final amount of tax payable upon death.
Inheritance Tax may be due on everything you have when you die, the value of your estate - assuming that you are leaving your estate and goods to someone like a child or surviving sibling. This would include the house, any savings, financial investments, personal belongings (of any value) but also a percentage of the value of anything you might have given away in the previous 7 years. The first GBP 325,000 is tax free (the threshold, often referred to as the nil rate tax band) whereas everything above is taxed.
Contact us for details of how we can help you with your particular inheritance tax (IHT) circumstances.
This tax is due to be paid "before" the estate can be distributed to the next of kin. By careful tax planning in your will we should be able to reduce the final amount of tax payable upon death.