Inheritance Tax Planning in Barnehurst

Get in touch

Inheritance Tax Advice in Barnehurst

Inheritance Tax (IHT) planning is crucial to managing your estate effectively and ensuring that your loved ones benefit from your assets after your death.

The Tax Advisors, a professional and affordable group of tax accountants based in the UK, are here to guide you through the complexities of inheritance tax, helping you to minimise liabilities and maximise the value passed on to your beneficiaries.

Get in touch

What is Inheritance Tax?

Inheritance Tax (IHT) is a tax on the estate of a deceased person, including property, money, and possessions. In the UK, the current standard IHT rate is 40%, which is charged on the portion of the estate that exceeds the £325,000 threshold, known as the nil-rate band. However, with proper planning, the amount of inheritance tax payable can be reduced or even eliminated.

Why is Inheritance Tax Planning Important?

Inheritance tax planning is essential because it allows you to:

  • Minimise Tax Liability: Effective planning can reduce the inheritance tax your estate will have to pay.

  • Maximise the Estate Passed to Beneficiaries: By minimising tax liability, more of your assets will go to your loved ones rather than the taxman.

  • Ensure Peace of Mind: Knowing that your estate is structured most tax-efficiently provides peace of mind for you and your beneficiaries.

Get in touch

How Can Tax Advisors Help?

At The Tax Advisors, we understand that every estate is unique, including every family's financial situation. Our team of experienced tax accountants will work closely with you to develop a personalised inheritance tax plan that meets your needs. Here’s how we can assist:

1. Understanding Your Estate

We begin by thoroughly reviewing your estate to understand its value and potential IHT liabilities. This includes:

  • Assessing the value of your assets, including property, investments, and personal possessions.

  • Identifying any existing debts or liabilities that may reduce the overall value of your estate.

2. Utilising Reliefs and Exemptions

The UK tax system offers various reliefs and exemptions that can reduce the amount of IHT payable. The Tax Advisors will help you take full advantage of these, including:

  • Nil-Rate Band and Residence Nil-Rate Band: We ensure you fully utilise your £325,000 nil-rate band and, where applicable, the residence nil-rate band (currently up to £175,000).

  • Gifting: We advise on the tax-efficient use of gifting to reduce the size of your estate, including the annual exemption (£3,000), wedding gifts, and regular gifts out of income.

  • Business and Agricultural Reliefs: If you own a business or agricultural property, you may be eligible for significant reliefs, which we will help you claim.

3. Setting Up Trusts

Trusts can be a powerful tool in inheritance tax planning. The Tax Advisors can guide you in setting up trusts to:

  • Protect assets from IHT.

  • Ensure that your assets are distributed according to your wishes.

  • Provide for vulnerable beneficiaries without affecting their entitlement to means-tested benefits.

4. Reviewing and Updating Your Will

A well-drafted will is essential for effective inheritance tax planning. We can assist you in:

  • Drafting or updating your will to reflect your current wishes.

  • Ensuring that your will is tax-efficient and takes advantage of available reliefs.

  • Appointing executors who understand your IHT plan and can implement it effectively.

5. Long-Term Planning and Regular Reviews

Inheritance tax planning is not a one-time task; it requires ongoing attention. As your circumstances change, so should your IHT plan. The Tax Advisors offer:

  • Regular Reviews: We will review your estate plan periodically to ensure it aligns with your wishes and current tax laws.

  • Long-Term Strategies: We help you develop long-term strategies to mitigate IHT, including life insurance policies written in trust to cover potential tax liabilities.

Frequently Asked Questions (FAQs) About UK Inheritance Tax

1. What is the inheritance tax threshold in the UK?

The current IHT threshold is £325,000. Any estate value above this threshold is subject to a 40% tax rate.

2. Can I reduce my inheritance tax liability through gifting?

Yes, gifting is one way to reduce the value of your estate and, therefore, your IHT liability. However, certain rules apply, such as the seven-year rule for larger gifts.

3. How does the residence nil-rate band work?

The residence nil-rate band allows an additional IHT-free allowance (up to £175,000) when you pass on your primary residence to direct descendants.

4. Are there any exemptions from inheritance tax?

Several exemptions can apply, including spouse or civil partner exemption, charitable donations, and business or agricultural property reliefs.

Conclusion

Inheritance tax planning in DA7 6 is an essential aspect of managing your estate, and with the help of The Tax Advisors, you can ensure that your assets are passed on to your loved ones in the most tax-efficient manner.

Our professional, affordable services are designed to give you peace of mind, knowing that your inheritance tax plan is in capable hands.

Contact The Tax Advisors today to discuss how we can assist you in securing your family’s financial future.

Get in touch

We cover Barnehurst (London)

Get in touch

We aim to get back to you in 1 working day.


Skip to

Gallery

Other locations available for inheritance tax planning
Noel Park Enfield Wash Woodford Green Southborough Falconwood Regent's Park Tufnell Park Mile End North Cheam Ruislip Manor Southborough Limehouse New Charlton Hanworth North Feltham Welling Stanmore Barnet Fortis Green Cowley Peachy Woodside Kidbrooke Clapham Park Woodcote Shirley Cranham Chislehurst Hatch End Child's Hill New Malden Stroud Green Enfield Chingford Stamford Hill Chessington Carshalton on the Hill Upper Tooting Thamesmead Crouch End South Tottenham Biggin Hill Nine Elms Broom Hill Woodford Bridge Hornsey Vale Bexleyheath St Johns St Margarets Southend Kenton Luxted Stonebridge Enfield Lock Pimlico West Heath Selsdon Cudham North Kensington Kilburn Little Woodcote Forestdale North Finchley Longford Barnes Stratford New Town Old Bexley Clock House Tooting Graveney Blackwall Maida Vale Woodlands Gallows Corner Tower Gardens Keston Shacklewell Upper Sydenham Chipping Barnet West Kilburn Westbourne Green Harold Wood Finchley Belgravia Malden Rushett Underhill Wanstead Harlington Mayfair Walham Green Colham Green Teddington St James Eastbury Chingford Green Forest Hill Ducks Island Streatham Elm Park Aldersbrook Walworth South Wimbledon Snaresbrook Ham Newyears Green Mortlake Kenley Upper Shirley Totteridge Ruxley Honor Oak Finsbury Park Leytonstone Bowes Park Balham Chadwell Heath Hampstead Garden Suburb Winchmore Hill Rushmore Hill Lee Clapton Park Earl's Court Creekmouth Hazelwood Bellingham Forest Gate Hampstead Welsh Harp Crews Hill Becontree Palmers Green South Hackney Shooters Hill Globe Town Hackbridge Rainham Goddington College Park West Drayton Whitton Lessness Heath Belmont Upton Park The Wrythe Spring Grove Sanderstead Uxbridge Plaistow Hither Green South Hampstead Lower Clapton Grove Park Plumstead Common West Norwood Holdbrook Lower Sydenham Beckton Yeading Upper Norwood Hornsey Harrow Newington Crayford Carshalton Streatham Hill Aldborough Hatch Kingsland Kensal Rise Dudden Hill Eastcote Village Woolwich West Hill South Bromley East Barnet Southgate Barnes Cray Poplar Pinnerwood Park Kevingtown Friday Hill Seething Wells Morden New Cross Thornton Heath Gidea Park Raynes Park Chiswick Chase Cross New Cross Gate Gospel Oak Barking Old Ford Maitland Park Hampton Harlesden De Beauvoir Town St John's Wood Freezy Water Abbey Wood Streatham Vale Southfields Park Langley Beddington Cheam Kingsbury Dartmouth Park Avery Hill West Wickham Harefield Finsbury Putney Heston Downe Hadley Wood Monks Orchard Oakwood Keston Mark Beckenham West Dulwich East Dulwich Rosehill Highgate Shepherd's Bush Mount Pleasant Willesden Highwood Hill Stoke Newington Heath Park Upper Holloway Kensington Acton Green Kingston Upon Thames Southall Sudbury New Barnet Bromley Common Newbury Park East Finchley North End Ladywell Bethnal Green Isle of Dogs Lambeth Colney Hatch Coney Hall Bromley Park North Harrow Bush Hill Park Wimbledon West Hampstead Charlton Lower Holloway Redbridge Kew Strand New Addington Fair Cross Gunnersbury Greenford St Giles Barnet Gate Hillingdon Locksbottom Green Street Green West Ham Putney Heath Sutton South Street North Cray Norwood New Town Cranbrook Corbets Tey Dulwich Village Morden Park Canonbury Bow Spitalfields Foxbury Plaistow Wapping Custom House Chelsfield Wandsworth St Paul's Cray Kentish Town Kensal Town East Bedfont Eltham Petersham Roxeth Hornchurch Golders Green World's End Cottenham Park Highbury Cricklewood Pentonville Elmers End Marks Gate Harold Hill Little Ilford Harrow on the Hill Fulham North Woolwich Woodford Harefield Grove Rush Green Enfield Town Uxbridge Moor Lower Feltham Friern Barnet Parsons Green South Lambeth St Helier St Luke's Clayhall Knightsbridge South Norwood Lower Place Petts Wood Millwall Harrow Weald Ealing Norbury Hockenden Merton Strawberry Hill Old Oak Common Silvertown Canons Park Kennington Northwood Hills Wood Green Temple Mills Roundshaw Merton Park New Southgate Norbiton Longlands West Hendon Earlsfield Chingford Hatch Belmont Ramsden Copse Hill South Harefield Old Coulsdon Goodmayes Barkingside Roehampton Lewisham Anerley North Hillingdon Hainault Ardleigh Green North Hyde Eastcote Shadwell Broad Green Vauxhall Bromley Higham Hill Russell Hill Perivale Ruislip Gardens Lea Bridge Edgware Farnborough Crooked Billet South Woodford Blackheath Park Deptford Bedford Park South Beddington Greenwich Blackheath Leaves Green Isleworth Ruislip Common Upper Edmonton Crofton Tottenham Romford Mill Hill New Eltham Vale of Health Selhurst Tottenham Hale Camden Town Dormer's Wells Lisson Grove Headstone Summerstown Grove Park Sands End Walthamstow Widmore South Croydon Cowley Wallington Nash South Kensington Surbiton Hanwell Coldblow Highams Park New Beckenham Upminster Herne Hill Aperfield Upton Stratford Notting Hill Hounslow Lower Edmonton Motspur Park Brockley West Harrow Brondesbury Tolworth Worcester Park Croydon Pinner Green Mottingham Cole Park Acton Enfield Highway Peckham Berrylands Osidge London Wealdstone Knight's Hill Northumberland Heath Eden Park Westminster Chelsea Hampton Wick Clapham Rise Park St Pancras Twickenham Seven Kings Bow Common Cranley Gardens Hill End Erith Little Stanmore Brixton Upper Clapton Camberwell Tokyngton Coldharbour Preston Addiscombe High Barnet Brentford End Horns Green Hoxton Hacton East Wickham Woodcote Green Bermondsey Coombe Gants Hill Church End Muswell Hill Purley Colindale Lampton Barnehurst Wennington Ilford Holborn Dalston Greenhill Addington Brompton Tulse Hill Elmstead Blackfen Loxford Feltham Carshalton Beeches Edmonton Primrose Hill Manor Park Church End Harmondsworth Monken Hadley Botany Bay Ruislip Osterley Ickenham East Ham Norwood Green Islington Brook Green West Kensington Arkley Cockfosters Plumstead West Barnes Rowley Green Hayes Town Bayswater Bulls Cross Ponders End Bromley Dagenham Northolt West Ruislip Wallend Hatton Barnsbury North Wembley Clay Hill Hook Collier's Wood East Sheen Wood End Green Streatham Park Upper Elmers End Bloomsbury St George in the East Downham Whitechapel Orpington North Ockendon Woodford Wells The Borough Fairlop Bexley Canning Town Oakleigh Park Dulwich Neasden Little Heath Catford Mitcham Noak Hill Mill Meads Queensbury Cranford Grange Park Brentford Sidcup South Hornchurch South Acton Fullwell Cross North Sheen Bickley Barwell West Green Havering-atte-Bower Dollis Hill Emerson Park Stockwell Honor Oak Park Old Malden Park Royal Sundridge Soho Yiewsley Benhilton Battersea Willesden Green Woodside Park Hillingdon Heath Penge South Harrow Belvedere Chislehurst West Hackney Wick Sipson Wembley Park Harold Park Marylebone Hadley Collier Row Plashet North Acton Beddington Corner Somers Town Haggerston Northwood Rotherhithe Spring Park Clerkenwell Wembley Forty Hill Hayes Hackney Pratt's Bottom Paddington North End Ratcliff Hampton Hill Shoreditch Derry Downs Bell Green West Brompton Hayes End Shortlands Hounslow West Harringay Hayes Hendon Furzedown Kingston Vale Hammersmith Brondesbury Park Holders Hill Poverest Richmond The Hyde Nunhead Kensal Green Foots Cray Burnt Oak Leyton Hale End Waddon Bushey Mead East Acton Brimsdown South Ruislip Berry's Green Upper Walthamstow Bandonhill Slade Green Whetstone West Ealing Wandle Park Maypole Pinner St Mary Cray Coulsdon Stratford Marsh Stepney Alperton West Acton Brunswick Park Rayners Lane Homerton Cubitt Town Putney Vale Castle Green