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Tax Planning Report

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What is Tax Planning?

Tax Planning finds ways of reducing the tax likely to be deducted from your estate after you pass away. It also minimises the tax payable during your lifetime. Without it, you and your family could lose out, and HMRC could even become your biggest beneficiary.

Our service looks at your overall position, and helps you plan ahead. This includes advice on:

Tax Planning needs to be done sooner rather than later, as essential reliefs can take years to be applied.

Call or email us today to discuss your Tax Planning Report.

Who needs a Tax Planning Report?

Anyone requiring advice on Estate Planning, Capital Gains Tax and Income Tax will benefit from a report. It is essential if you have substantial assets, especially if you’re considering passing them on in your lifetime. And, large tax savings are still available to people who aren’t considering making these gifts.

What is Inheritance Tax?

Inheritance Tax (IHT) is a tax applied to someone’s estate after they have died. Your Executors will be in charge of paying your IHT to HMRC. It is payable on the value of all of your property, possessions and money in excess of the Nil Rate Bands, and after the various reliefs available. The standard IHT Nil Rate Band is £325,000. If you leave your home to your children or grandchildren, there is an additional Residential Nil Rate Band of £125,000 (2018-19). Inheritance Tax is charged at 40% on your taxable estate, after these Nil Rate Bands and other allowances.

Please see further details and advice on our page all about IHT.


Roy Jenkins


“Inheritance Tax – it is, broadly speaking; a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue.”

– Roy Jenkins

What is Capital Gains Tax?

Capital Gains Tax (CGT) is charged on the profit on a sale or ‘disposal’ of an asset that has increased in value. This can include things you sell, give as a gift, receive compensation for, or swap. CGT must be paid on gains on property, business assets, most personal possessions worth above £6,000, and shares not in an ISA or PEP. You only have to pay tax on your gains above the Capital Gains tax-free allowance, which is £11,700, or £5,850 for Trusts (2018-19). There are also some valuable reliefs, including Principal Private Residence Relief, Lettings Relief, and Entrepreneurs’ Relief.

What is Income Tax?

Income Tax is a tax on your personal income. This can be money you earn from:

  • Employment
  • Self-employment profits
  • Rental income
  • Interest on savings
  • Most pensions

The majority of UK residents have a Personal Allowance, which is a tax-free income – in 2018-19 this is £11,850. In most cases, the higher your income, the higher your rate of tax. The basic rate is 20%, the higher rate is 40%, and the additional rate is 45%.


Gordon Hewart


“Every man is entitled, if he can, to order his affairs so that the tax attaching under the appropriate Acts is less than it otherwise would be.

If he succeeds in ordering them so as to secure this result, then, however unappreciative the Commissioners of Inland Revenue or his fellow taxpayers may be of his ingenuity, he cannot be compelled to pay an increased tax.”

– Lord Tomlin

What is Stamp Duty Land Tax?

Stamp Duty Land Tax (SDLT) must be paid if you buy property or land over a certain price in England or Northern Ireland. The rules are different in Scotland and Wales.

The SDLT threshold is £125,000 for residential properties, and £150,000 for land and properties which are non-residential (2018-19). You have to pay SDLT if you buy:

  • A new or existing leasehold property
  • A freehold property
  • A property through a shared ownership scheme

You will also have to pay SDLT if you receive land or property in exchange for payment, e.g. taking on a mortgage. There are different reliefs which may apply to you, such as when you’re buying your first home, or buying more than one property.

What’s included in the Tax Planning Report

We can help you get Tax Planning right, so that you can keep more hard-earned money for you and your family. Enjoy approved tax breaks and minimise what you pay – while staying within the law. Your report can include:

  • Tax-saving products and investments
  • Identifying opportunities to use Trusts or Family Limited Partnerships
  • Family wealth spreading
  • Saving tax and keeping control of your assets
  • How to maximise on allowances and reliefs
  • Tailor-made Tax Planning products
  • How to deal with HMRC
  • Review of your Will

There are exemptions to Inheritance Tax, Capital Gains Tax, Stamp Duty Land Tax and Income Tax which can all be explored, and may help reduce your tax costs. These include making efficient gifts, planning how to leave your estate to others, and further reliefs.

A Family Protection Trust can also help prevent your legacy from passing IHT issues onto your beneficiaries.

Mum and daughter

How we can help

Our experienced tax advisers and accountants can recommend the best planning for your situation. We understand that every case is different. So, we will discuss your circumstances in detail, then provide you with personal guidance. We will produce an action plan setting out what you need to do, and if you wish, we are available to assist with putting this into action.

All of our methods are bespoke and take advantage of approved tax reliefs and techniques. We never deal with template schemes which might attract HMRC’s attention. Plus, our tax advisers all have big accountancy firm experience, but our fees represent much better value, and you will always deal with the same person.

Minimise tax costs and protect your legacy from HMRC with a Tax Planning Report today.

Ready to know more?

Get in touch and speak to one of our friendly advisers today.