Other Services
Financial advice
Working alongside Financial Advisers for many years, we can put you in touch with professionals who can help you arrange your financial affairs to achieve your lifetime goals.
Taking financial advice can be really helpful for a few reasons:
They Know Their Stuff: Financial Advisers are professionals when it comes to money matters like investing, saving for retirement, or managing taxes. They can guide you through tricky decisions and help you understand what’s best for you.
Planning for the Future: An adviser can help you figure out your financial goals, whether it's investing, saving for your kids' education, retiring comfortably or saving Inheritance Tax for your beneficiaries. They’ll create a plan that works for your situation.
A Fresh Perspective: Money decisions can be emotional and stressful. An adviser offers a clear-headed, objective view, helping you make choices based on logic, not just feelings.
Managing Risks: Everyone has a different comfort level with risk. Advisers help you understand your risk tolerance and build a plan that balances it, often through diversifying your investments.
Save You Time: Dealing with finances can be time-consuming, especially as things get more complicated. An adviser takes care of the details so you can focus on other important things in your life.
Growing Your Wealth: By optimising your investments, taxes, and overall financial plan, an adviser can help you build and protect your wealth over time.
Adjusting to Life Changes: Big life events like getting married, having kids, or retiring often come with major financial changes. An adviser helps you navigate these transitions and make sure your financial plan adapts with you.
In short, getting financial advice can make managing your money less stressful, more effective, and better aligned with your goals.
Inheritance tax planning
Inheritance Tax (IHT) planning in the UK involves strategies to reduce the amount of tax payable on your estate when you die. The current standard Inheritance Tax rate is 40%, which is charged on the part of your estate that exceeds the tax-free threshold (also known as the "nil-rate band"). As of 2024, this threshold is £325,000. Effective planning can help minimise or even eliminate the IHT liability. Here are some key strategies:
Utilise the Nil-Rate Band (NRB): Every individual has a tax-free threshold of £325,000 (2024 level). If your estate is valued below this, no IHT is due. Any unused NRB can be transferred to a spouse or civil partner upon death, potentially doubling the allowance to £650,000.
Residence Nil-Rate Band (RNRB): An additional allowance, the RNRB, is available if you pass your home to direct descendants (children, grandchildren). As of 2024, this allowance is £175,000, making the combined threshold potentially £500,000 per individual or £1 million per couple.
Gifting:
Annual Exemption: You can gift up to £3,000 each tax year without it being added to the value of your estate. Any unused allowance can be carried forward one year.
Small Gifts**: You can give away £250 per person each year to as many people as you like.
Wedding Gifts: Gifts to someone getting married or entering a civil partnership can be exempt up to £5,000 (to a child), £2,500 (to a grandchild), or £1,000 (to others).
Regular Gifts out of Income: If you regularly gift money out of your surplus income (not affecting your standard of living), these gifts can be exempt from IHT.
Seven-Year Rule: Gifts made more than seven years before your death are generally exempt from IHT. If you die within seven years of making a gift, the value of the gift is added to your estate, but taper relief may reduce the IHT owed on gifts made between three and seven years before death.
Trusts: Trusts can be an effective way to manage how your wealth is passed on. By placing assets in a trust, you can reduce the size of your estate for IHT purposes. Different types of trusts (e.g., discretionary trusts, bare trusts) have different tax implications, so it's essential to seek professional advice.
Charitable Donations: Any money left to charity is exempt from IHT. If you leave at least 10% of your net estate to charity, the IHT rate on the rest of your estate may be reduced from 40% to 36%.
Professional Advice: Inheritance tax planning can be complex, with significant implications depending on your personal and financial situation. It's advisable to consult with a financial planner or tax advisor who specialises in IHT to tailor a strategy that best suits your circumstances and goals.
Trust registration
Registering a trust in the UK is important for several reasons:
Legal Compliance: The UK has specific legal requirements for trust registration, especially following the implementation of the Trust Registration Service (TRS). All trusts with UK tax liabilities, and many non-taxable trusts, are required to register. Failure to register can result in penalties.
Transparency and Reporting: The UK government has increased transparency around trusts to combat money laundering and tax evasion. Registered trusts must provide detailed information about the trust, its assets, and the identities of the trustees and beneficiaries.
Taxation: Registration is often necessary for tax purposes. Trusts might be subject to income tax, capital gains tax, or inheritance tax, and registration ensures that these are reported and paid correctly. This helps in claiming any tax reliefs or exemptions that may apply.
Estate Planning: Trusts are commonly used for estate planning, providing a way to manage and distribute assets according to the settlor’s wishes. Registering the trust ensures that it operates within the law, protecting the interests of beneficiaries and trustees.
Protection of Beneficiaries: Registering a trust offers protection to beneficiaries by formally documenting their rights and interests. This legal recognition can be crucial in resolving disputes or ensuring that the trust is administered correctly.
Future-Proofing: As regulations and tax laws evolve, having a registered trust ensures that it can adapt to changes in compliance requirements, avoiding potential legal or financial issues down the line.
