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Many business owners focus on business taxes whilst running their companies and as a result, their personal circumstances often get overlooked. Inheritance tax planning at any age can be seen as something to do next week or next year, but advance planning can have benefits for the business and the owner.
In the first article in our series of blogs on inheritance tax we looked at lifetime giving. Conducted over many years, lifetime giving can have a significant impact in reducing the value of an estate for inheritance tax (IHT) purposes. In addition or as an alternative to making lifetime gifts to individuals, outright gifts can be made onto trust. Such gifts (which can include shares in a business) can provide the settlor with some control over how the gifted funds are invested and who is able to benefit from the income. This is because a trust’s investments are managed by the trustees on behalf of the beneficiaries, and as settlor you can also choose to be one of the trustees. Establishing a trust can also enable you to ‘ring-fence’ assets within a family.
Lesley Stalker wrote about the benefits of trusts for business owners, explaining the important terminology and associated tax implications for Businesszone this month: read her article.
I wanted to write and express our gratitude for your help and hard work in getting Probate through and settling all the taxes. I am so pleased that we selected RJP, as your professional help and updates throughout this process have been invaluable. If at any time in the future Probate assessment may be needed, you will be our first port of call. Once again, many thanks to the whole team.
Dan Cook, Probate clientI just wanted to drop you a short note to say how grateful I am for the support that RJP has provided over the past 4 weeks while our Financial Controller was away. I struggle to comprehend how much work your staff get through during their weekly visits and they are always a pleasure to have around the office.
I Evans, CFO, MoblicitiJust a quick e-mail from me to thank you for achieving the target for producing the draft accounts – it is very much appreciated and gives a first class impression of your firm. Many thanks.
J Stanfield, Chairman, BBS Actuaries LtdI would like to take this opportunity to thank you very much for the amazing job you have done navigating us through this whole process. My family and I also really appreciate the care and compassion demonstrated by you and your team in every dealing. Our thanks to everyone.
M Goldsmith, Probate ClientRJP provide our company with a complete service which takes the stress and strain away from the day to day running of our accounts! Their understanding of our business and their patience and advice is invaluable.
Outsourcing Client
If you sell a property and incur capital gains tax on the transaction, you will need to file a tax return and also pay any tax that is due within 60 days of completion, or penalties will arise. Need help with your property taxes? Talk to us.