Reducing Inheritance Tax
Inheritance tax is a tax on the estate (the property, money and possessions) of someone who has died. The inheritance tax rate is currently at 40% in the UK. Early tax planning can help reduce the amount of inheritance tax payable on your estate and make sure they are protected and secured for your loved ones.
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Inheritance tax can be reduced by, for example by:
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leaving your estate to your spouse or civil partner
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putting your assets into a trust for your heirs
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giving gifts while you are alive
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leaving part of your estate to charity
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using life insurance to pay the tax
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paying into a pension instead of a savings account
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the use of property allowances
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business exit strategies
How We Can Help
With in-depth experience in tax accounting, the tax specialists at P & Co can help you meet your estate planning needs and help you apply the various inheritance tax exemptions, thresholds, reliefs and allowances available and help you navigate the complex rules around nil rate bands, residence nil rate bands, planning issues for spouses and children, and other complex issues.
Our dedicated and experienced tax experts are most suited to give you advice on inheritance tax planning, particularly if you have complex financial needs, for example:
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you are a non-UK domicile person
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you have properties and assets outside the UK
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you own a business (whether as a sole trader, owner of a limited company or partner in a partnership)
P & Co will review your net financial situation, alongside your future needs to help advise you to determine the most effective way to protect your assets. All of these require careful planning over an extended period – so the sooner you start to think about inheritance tax planning, the better.
Professional Indemnity Insurance
We have professional indemnity insurance in place in accordance with ICAEW regulations. Our professional indemnity insurance cover is up to a maximum of £1.5 million in any one claim, legal costs in addition and is capped at this level.
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Legal Ombudsman
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If you would like to talk to us about how we could improve our service to you, or if you are unhappy with the service you are receiving, please let us know by emailing your point of contact at P&Co or here.
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If we do not deal with your complaint in this time, or if you are unhappy with our response, you may of course take up the matter with the Legal Ombudsman.
The Legal Ombudsman’s ability to deal with your complaint is dependent on the following factors;
a) you must refer the complaint to the Legal Ombudsman no later than:
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six years from the act/omission; or
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three years from when you should reasonably have known there was cause for complaint; and
b) you must refer the complaint to the Legal Ombudsman within six months of the date of our written response.
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Contact details for the Legal Ombudsman
T: 0300 555 0333
E: enquiries@legalombudsman.org.uk
Legal Ombudsman, PO Box 6806, Wolverhampton WV1 9WJ
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P & Co is registered with ICAEW. If you want to complain to ICAEW, please visit here.
For information on the ICAEW Probate Compensation Scheme, please visit the ICAEW's website.
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your success
is our success
Our company ethos is simple. By using our expertise, network and presence to help you succeed will in turn bring success to P&Co. We do this by becoming partners in your business, not just your accountant. This is why our clients not only receive excellent technical work but see significant value over and beyond what they expect.
Your Success Is Our Success
Our ethos is simple. Using our expertise, network, and presence to help you succeed will in turn bring success to P&Co. We go beyond accounting, acting as true partners in your business. This approach ensures you receive not only excellent technical work but also added value that exceeds expectations.
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#YourSuccessIsOurSuccess