Tax Planning

Taxes must be paid but the planning for the eventuality of these payments can save you a lot of stress and time in the long run. Investing into looking into whether you may or may not be exempt from certain payments can save you a great deal of money, especially when it comes to taxes payable on inheritance, both given and received.

Government initiatives within the tax system have now increased the total amount which can be left to beneficiaries tax free when the time comes. These initiatives also cover what are known as ‘potentially exempt transfers’ which technically refer to financial amounts you can gift that will remain exempt from taxation so long as you remain alive for 7 or more years following the execution of the transaction of the gift. Additionally, this initiative also ring-fences against tax the percentage of shares you can leave to a loved one of your family home.

Our private client team at Stephens & Son has a hugely knowledgeable tax planning team who can advise and guide you through all necessary steps in this process.

Including but not limited to, our solicitors can help you with:

  • how much you will be allowed to pass on tax free when you die, which may range from £325,000 to over £800,000 depending on your circumstances;
  • the tax incentives of being married or in a civil partnership;
  • the tax-free gifts you can make during your lifetime;
  • how to take advantage of the potentially exempt transfer rules;
  • the capital gains tax implications where transfers of money and property are made before death;
  • the tax benefits of leaving a share in the family home to your children, grandchildren or other descendants;
  • the tax benefits of leaving money to charity;
  • the use of trust arrangements to further mitigate your tax liability;
  • the availability of business property relief and agricultural property relief; and
  • other ways to protect your wealth.

Advising individuals and families throughout Kent and beyond

We have offices in Chatham, Gravesend, Maidstone and Tenterden where we can meet you to discuss your requirements.

We can also offer meetings at your home, or over the telephone via Skype if you have the need to travel abroad extensively. 

Funding

An initial appointment to discuss your requirements can be arranged from £95 plus VAT.  After that we can agree funding arrangements to suit your budget.

Get in touch

Call us on 01634 811444 for any business related advice you need. Alternatively complete our contact us form and we will be in touch as soon as possible.  

 

For further information please Contact Us or call to speak to one of our experts on 01634 811444.