Wills and Tax Services

Professional Services

Wills

Only a small number of people are able to contemplate dying without a Will and yet be confident that their family and friends will be satisfied with the outcome. Statistically speaking, this means almost everyone browsing our website should have a Will in place. But research shows that most of us have not made Wills and more still have old Wills that do not represent their current wishes, or have been overtaken by changes in the applicable law. If you are a business owner for example and you are particularly likely to need advice to help you make appropriate tax-planning or protective arrangements for your family, these may include setting up trusts or making gifts in your lifetime. All such arrangements must be carefully set up to ensure that you do not trigger unnecessary tax charges.

 

Taking advice about Wills provides an excellent opportunity, not only to review your personal circumstances, but also to consider your potential inheritance tax (IHT) liability on death.  At Sancus Retirement Planning, we work closely with specialist lawyers who are able to review your IHT position and advise on the impact of current legislation upon it, as well as give you an up-to-date assessment of the approach HM Revenue and Customs is likely to take on these issues.  You will then be able to make an informed decision about how best to structure your Wills, in order to take advantage of any tax relief or allowances which may be available to you.

 

Forming part of these discussions will also address the importance of putting in place respective Lasting Powers of Attorney for Property and Financial affairs and separately for Health and Welfare. Having the peace of mind knowing if you fall seriously ill and are without capacity, your financial affairs can still be taken care of despite your predicament.

 

Business owners may wish to leave their business assets to family members. If you own shares in a private company, are a partner in a partnership or are a sole trader, you can make a gift of your business assets in your Will free of inheritance tax, provided they attract business property relief (BPR). BPR is a relief from inheritance tax available for certain business assets which allows you to make gifts of them under your will, or during your lifetime, free from inheritance tax or at reduced inheritance tax rates. You can plan for further tax savings by employing particular BPR tax strategies in your Will, which can produce potentially significant reductions in inheritance tax.

 

A company shareholding, a partnership share or a sole trader’s business will qualify for BPR if:

 

• It has been owned for two years before the date of death or a lifetime gift;

• It is not subject to a binding contract for sale at the date of death/gift; and

• It is not a company that is made up of properties or investments that provide rental or investment income.

To maximise the benefit of any BPR, it is essential to take advice when preparing your Will and to consider the effect of any proposed changes to your business on this tax relief, so that you do not inadvertently prevent the application of BPR.

 

Tax Planning Service 

 

From tax returns to complex tax planning, at Sancus Retirement Planning we work with experienced, tax-qualified advisers to structure your affairs whilst appreciating your needs and deliver the results you want.

Our accountancy partners provide specialist advice in all areas of tax including;

 

KEY TAX CONSIDERATIONS:

• Income Tax planning

• Capital Tax Planning

• Inheritance Tax and Estate Planning

• Corporation Tax Planning

• Profit Extraction Planning

• Business Structuring

• Trusts

 

Please contact info@sancusrp.co.uk for more information, help and guidance on our Wills and Tax Planning Service.