Inheritance Tax Planning in South Yorkshire

Get in touch

Inheritance Tax Advice in South Yorkshire

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 S7 2 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 South Yorkshire

Get in touch

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


Skip to

Gallery

Other locations available for inheritance tax planning
West End Dalton Dodworth Bottom Instoneville Drakehouse Pitsmoor Higham Common Measborough Dike Brookhouse Rostholme Laughton en le Morthen Roughbirchworth Harden Silkstone Wheatley Park Soughley Hoyland Wincobank Belle Green Listerdale Braithwaite Dinnington Meadow Hall Pismire Hill Carter Knowle Swallownest Staincross Birdwell Carr Fulwood Firth Park Armthorpe Aston Ickles Catcliffe Edenthorpe Gleadless Dunford Bridge Rawmarsh Blaxton Old Denaby Castle Green Cotterhill Woods Guilthwaite Park Hill Trumfleet Warren Shiregreen Middlecliffe Grimesthorpe Barnby Dun The Green Hardwick Lodge Moor Austerfield Beauchief Hill Top Gildingwells Hay Field Scout Dike Moorhouse Wadsley King Edwards Bow Broom Frecheville Hill Top Hoylandswaine Thorne Barnes Hall Greenland Blacker Hill Potter Hill Sandhill Swinton Bridge Cudworth Dodworth Green Hickleton Thrybergh Sykehouse Hyde Park Stocksbridge Storrs Waleswood Hillsborough Sim Hill Broom Adwick upon Dearne Hill Top West Green Highgate Highfields Richmond Cadeby Conisbrough Cudworth Common Jordanthorpe Lane End Stainforth Moorends Birley Edge Manor Park Dalton Parva Nutwell Wigtwizzle Mawson Green Wadsley Bridge Shaw Lands Hooton Levitt Whirlow Eastfield Pilley Dropping Well Kine Moor Templeborough Garden Village High Green Bramley Meadow Head Doncaster Common Morthen Crane Moor Worrall Darfield Bradway Dalton Magna Brecks Highfield Carbrook Auckley Hoyland Common Askern St Helen's Hill Top Campsall Royd Moor Whinney Hill Totley Brook Thorpe Salvin Cat Hill Wales Milton Barugh Green Billingley South Lane Skelbrooke Greenhill Beighton Moorgate Halfway Whirlow Brook Low Bradfield Clayton Brightholmlee Hooton Pagnell Abbeydale Park Wheatley Hills Haywood Hollins End Jordon Woodhouse Smithies Howbrook Gleadless Valley Hall Broom Norton Hayfield Green Maythorn Low Barugh Shafton Two Gates Low Valley Carlecotes Thurnscoe Smithley Goldthorpe Tapton Hill Woodhouse Mill Lowedges Kirk Bramwith Brick Houses Adwick Le Street Dunscroft Far Bank Hoober Harthill Parkgate Clifton Worsbrough Bridge Wilsic Maltby Barnsley Hill Side Wath Upon Dearne Mosborough Stacey Bank Darton Micklebring Kiveton Park Moss Kimberworth Belle Vue Burghwallis Wharncliffe Side Millhouse Green Stairfoot Hackenthorpe Ecclesall Meersbrook Wales Bar New Village Kilnhurst Wood Seats Barrow Waterthorpe Newhill Charltonbrook Wickersley Mapplewell Stockbridge Owlerton Middlewood Under Tofts Eastwood Carlton Hatfield Woodhouse Worsbrough Hexthorpe Carcroft Oughtibridge Marr Rotherham Keresforth Hill Attercliffe Wilthorpe Upper Haugh Bessacarr Tinsley Low Laithes Sharrow Ecklands Sothall Harley Loversall Wingfield Slade Hooton Parkwood Springs Upper Midhope Oxclose Braithwell Birley Carr Cawthorne Wheatley Sunnyside Millhouses Cundy Cross Holbrook Piccadilly Coisley Hill Ulley Stone Hill Parkhead Hazlehead Intake Lundwood High Hoyland Totley Rise Loxley Upper Cudworth Spital Hill Kexbrough Catshaw Burncross Waterside Plumbley High Bradfield Owston Blackburn Scawthorpe Intake Upper Hoyland North Anston Worsbrough Common Batemoor Wombwell Stannington Lindrick Dale Burngreave Hemingfield East Herringthorpe Athersley North Orgreave Moor End Rossington Bentley Rise Fishlake Bolsterstone Penistone Firbeck Dunsville Normanton Spring Fosterhouses Scawsby Sunnyfields Long Sandall Stone Fir Vale Steel Bank Darnall Wentworth Thurgoland Athersley South Balby Berry Moor Dodworth Branton Sprotbrough Spring Vale Norton Woodseats Ryecroft Thurlstone Bromley Walkley Waldershaigh Heeley Load Brook Nether Haugh Longley Estate Hatfield Chase Warmsworth Almholme Wadworth Hollow Meadows Sutton Foldrings Kimberworth Park Upper Tankersley Bassett Toll Bar Hangsman Hill Townhead Grimethorpe Gilroyd Royston Lidget Arksey Fullshaw Worsbrough Dale Haigh Charnock Hall Oxspring Ughill Ringinglow Hemsworth Hellaby Crow Edge Littleworth Lowfield Dungworth Ward Green Canal Side Midhopestones Laughton Common Millhouses Bradgate Ecclesfield Sheffield Brodsworth Cortworth Brampton Raw Green Conanby Bentley Stopes Pinfold Hill Doncaster Shafton Slay Pits Green Moor Pickburn Snowden Hill Lings, The Hampole Arbourthorne Owlthorpe Nether Edge Snape Hill Whiston Deepcar Bawtry Brincliffe Chapeltown Thurnscoe East Greasbrough Elsecar Thorpe in Balne Fenwick Broomhill Tilts Wortley Handsworth Ardsley Moorhole Woodlands Topham Wike Well End Parson Cross Stainton Westfield Hood Green Barnburgh Noblethorpe Newton Onesacre Swaithe Victoria Sandygate South Anston Great Houghton Old Edlington Hermit Hill Mortomley Tickhill Finningley Thurcroft Canklow Shirecliffe Treeton Finkle Street Aldwarke Tinsley Hooton Roberts Ingbirchworth Brierley Spittal Houses Abdy Silkstone Common The Parks Townhead Thornseat Skellow Manor Estate Cubley New Totley Kendray Todwick Eskholme Ranmoor Langsett East Dene Denaby Main Ravenfield Swinton West Melton Royd Thorpe Hesley Grenoside Tivy Dale Monk Bretton Abbeydale Kirk Sandall Pincheon Green Cundy Hos Barugh Masbrough Crookesmoor High Melton Mexborough Hoyle Mill Clifton Platts Common Windhill Hood Hill Crookes Woodsetts Totley Brightside Cusworth Rollestone Whitley Thorn Hill South Bramwith Dore Cantley Higham Hatfield Kingstone Harlington Greystones Letwell Scholes Pogmoor Jump Holdworth Gawber Bolehill New Rossington Brampton en le Morthen Upper Whiston Little Houghton Bolton Upon Dearne Dean Head Aughton Herringthorpe Brierholme Carr Four Lane End Malin Bridge New Lodge Ewden Village New Edlington Throapham Edge Mount Turnerwood Norton Brinsworth Sheffield Park