Why personal and inheritance tax planning doesn’t need to be stressful

PUBLISHED: 12:09 25 September 2015 | UPDATED: 12:24 25 September 2015

Getty Images/iStockphoto

Getty Images/iStockphoto

Archant

One of Surrey’s leading accountants and tax experts explains why personal and inheritance tax planning doesn’t need to be stressful

..

With nearly 80 years’ experience, Wellden Turnbull provides an extensive range of Audit and Accountancy services to individuals and businesses, both across Surrey and London. A particular strength is our wide range of tax services, providing expertise not normally available in Surrey. We can advise on complex individual and personal tax, international issues, including offshore companies and trusts, non-domiciled and non-resident individuals as well as tax enquiries and tax investigations.

Compliance

Tax is increasingly complex. If your affairs are anything out of the ordinary, even the most diligent taxpayer cannot be sure that they have done everything they should. We all see the publicity for people who have offshore bank accounts and assets, but do you know what you should, or should not, be declaring? If you do not pay tax on something you should have, it is no defence to say that in compensation, you have paid tax on something that you did not need to.

The UK tax system is based on detailed rules. Within those rules there are many reliefs. There is no concept in the UK tax system (unlike many areas of the law) of fairness or equity: either you are within the rules, or you are not, however fair or unfair that may be.

If you do make a mistake on your self-assessment tax return, or adopt an interpretation of the law that HMRC do not agree with, then you have to show that you have taken reasonable care to complete your return accurately. Obtaining written advice from a properly qualified advisor, to whom you have given the full facts, goes a long way in showing that you have taken proper care. Saying that you “researched it on the Internet” or that you “spoke to a friend who knows about these things” is unlikely to be accepted as mitigation.

Principal private residence relief

This is a valuable relief that provides relief from capital gains tax on your principal residence. It also potentially applies to second homes, holiday homes and properties that you used to occupy but do not any more. If you have more than one home, you can elect which one is to be your principal private residence, and you can switch that election back and forward. HMRC is taking a lot of interest in principal private residence relief claims lately and is trying to disallow claims that previously would have been accepted without question.

Special events

Your tax affairs may be generally straightforward, but then along comes a special event that complicates things: you inherit some assets, you go abroad or perhaps you get share options from your employer. If this applies to you, you may wish to take advice on these.

Inheritance tax

You want to maximise the assets that you could pass on to your children, but there is no point in giving things away and having nothing left to live on. We can help you with your inheritance tax planning, to ensure that you maximise your family’s wealth.

Starting a business

People set-up businesses either because that is what they want to do, or because circumstances are forced upon them: many people providing their services as contractors are required to do so through a company.

Whatever the reason, there are different ways to set-up a business and these have significant differences for both your tax position and your general business and legal status.

We can take you through the options, explain what they are and help you decide what is best for you.

Buying and selling a business

If you are selling your business, you have one opportunity to maximise the after-tax proceeds. We can help you to ensure that your sale goes smoothly and you benefit from as many tax reliefs as possible.

Contrastingly, we also provide expert advice and services throughout all stages of the business acquisition process. From advising on potential sources of funding to all aspects of the negotiation process, including developing a strategy for both mergers and acquisitions, we are on hand to make sure you are doing everything correctly.

Tax avoidance

We help you to plan your business and tax affairs in the most tax efficient way. We do not promote artificial schemes. However, if you have been introduced to these by other people, we can help you unscramble the mess.

.

To arrange your FREE no-obligation consultation, and unparalleled personal and inheritance tax planning advice, call us on 01932 868444 or e-mail r.john@wtca.co.uk

More from Surrey Life

16:16

At Sir William Perkins’s School (SWPS) the aim is to build confidence, integrity and excellence in a caring, innovative and happy community so that each student leaves with the best possible chance of achieving her full potential and ready to take on the world.

Read more
11:43

If the colder weather is making you feel like escaping to somewhere snug and cosy, you might be surprised to find some perfect rural retreats right on your doorstep. Here’s our pick of the best to discover in Surrey…

Read more
11:33

Get ready to laugh, boo and hiss, and cheer on your favourite childhood heroes in the array of pantomimes coming to Surrey theatres this Christmas

Read more
11:01

Whether you're looking for fine dining, pub grub or exotic dishes, eating out in Surrey has something for everyone. Here's our guide to the best local restaurants and pubs

Read more
Yesterday, 16:01

Actress, singer and entertainer, Anita Harris has travelled the world in an illustrious career that spans over five decades. From her home in Chertsey, she talks to Tinx Newton about the people she has worked with, her tour and life in Surrey

Read more
Yesterday, 14:13

If there's ever a time of year when a brisk, bracing walk is needed, then winter and the lead-up to the festive season is surely it. Here we round up a few of our Surrey favourites

Read more
Yesterday, 13:01

Great things to do in Surrey this weekend (14, 15 and 16 December): art exhibitions, walks, concerts, theatre, places to visit and other events and ideas.

Read more
Tuesday, December 4, 2018

Surrey is a county full of festive delights. Think cosy pubs, frosty views and long winter walks. We pick 22 wonderful reasons to spend Christmas in Surrey.

Read more
Tuesday, December 4, 2018

We round up some of the best events and things to do across Surrey this month

Read more
Tuesday, December 4, 2018

With beautiful countryside, stunning villages and plenty of bluebells during spring, Surrey is an amazing place for a stroll

Read more
Tuesday, December 4, 2018

Pupils at The Hawthorns School in Bletchingley collected over 5,800 items of food for the Loveworks foodbanks in Reigate and Merstham

Read more
Friday, November 30, 2018

We’ve teamed up with Grand Illusions to give one lucky reader the opportunity to win a £250 gift card with the stylish homeware brand

Read more
Tuesday, November 27, 2018

Celebrating its 25 anniversary, Kinghams restaurant is found at the heart of one of Surrey’s most iconic villages. Matthew Williams visits to discover the secrets of its longevity

Read more
Monday, November 26, 2018

This edition of Surrey Life features all the local ingredients to make this month special

Read more

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Our Privacy Policy

Topics of Interest


Follow us on Twitter


Like us on Facebook

Subscribe or buy a mag today

subscription ad

Local Business Directory

Property Search