Protect what is rightfully yours
Our tax specialists will assist you with assessing your tax liability as an element of our financial planning and wealth restructuring process.
We can help.
We can help with all aspects of your potential tax liability, including; establishing your tax liability status, inheritance and estate tax planning, and establishing tax-efficient trusts.
When it’s time to return home, we’ll help with your repatriation planning to ensure that your hard-earned wealth is protected.
Start protecting your assets today by contacting one of our professional tax planning experts.
Income tax is the form of taxation people are most familiar with. If the country you live in enforces income tax, you go to work every day and a percentage of your salary is automatically taken each month as income tax.
Income tax for UK earnings in the 2019/20 tax year are as follows:
*Tapered personal allowance – for every £2 of income over £100,000, the personal allowance is reduced by £1.
Capital Gains Tax
Our tax specialists will assist you with assessing your tax liability as an element of our financial Capital Gains Tax is a tax on profit when you dispose of an asset. In essence, the difference between purchase price and sale price is the amount liable to capital gains.
When you inherit an asset, Inheritance Tax is usually paid by the estate of the person who passed away. You only have to work out if you need to pay Capital Gains Tax, if you later dispose of the asset.
The Capital Gains tax-free allowance for tax year 2019/20 is:
- £12,000 for individuals
- £6,000 for trusts
Capital Gains Tax rates range from 10% to 28% depending on your personal circumstances.
If you live outside the UK
Any gains made on UK property and land are taxable, even if you’re non-resident. You do not pay Capital Gains Tax on other UK assets, for example shares in UK companies, unless you return to the UK within 5 years of leaving.
Inheritance tax is a form of taxation placed on your estate when you die.The standard inheritance tax rate is 40%, placed on the value of your estate in excess of the nil-rate-band of £325,000.
There’s normally no Inheritance Tax to pay if either:
- The value of your estate is within the £325,000 nil-rate-band.
- You pass everything in excess of the nil-rate-band to your spouse, civil partner, a charity or a community amateur sports club.
Passing on your home
You can pass your home to your husband, wife or civil partner when you die with no inheritance tax applied. If you leave your primary residence to someone other than your legal partner, the value will count towards your estate.
If you pass your main residence to a direct descendant, i.e. your children/grandchildren, your nil-rate-band will increase to £475,000 in tax year 2019/20. A tapered reduction will be applied to the residency nil-rate-band for estates with a net value over £2 million.
HMRC don’t allow you to give all of your assets away at the last minute in order to escape inheritance tax. Gifts you make, stay within your estate for a certain period of time depending on the way you gift.
There are several gift allowances that can be used to mitigate inheritance tax each year. Certain gifts become exempt from inheritance tax instantly, some result in an immediate inheritance tax charge and others become liable for less inheritance tax over a period of 7 years.
Trusts can be used to mitigate tax whilst still retaining a level of control over the assets. The level of control is dependent on the type of trust used.
If your company is based in the UK, it pays Corporation Tax on all its profits from the UK and abroad.
If your company isn’t based in the UK but has an office or branch here, it only pays Corporation Tax on profits from its UK activities.
The Corporation Tax rate for company profits is 19%
You won’t receive a bill in the post for your Corporation Tax liability, you must file a tax return yourself.
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