Inheritance Tax Planning in Hoe

Get in touch

Inheritance Tax Advice in Hoe

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 RH5 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 Hoe (Surrey)

Get in touch

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


Skip to

Gallery

Other locations available for inheritance tax planning
Norwood Hill Grafham Byfleet Tilford Reeds West Byfleet Sunbury Loxhill Epsom Kingswood Chertsey Bunce Common Chobham Shere Broadmoor Smallfield Farley Green Stroud Warlingham Bishopsgate Ellen's Green Lower Kingswood Chattern Hill Bletchingley Doversgreen Frensham Littleton Limpsfield Common South Nutfield Wisley Polesden Lacey Givons Grove Stoughton New Haw Grayswood Hamm Moor Whiteley Village Rushmoor Birtley Green Millbridge Crownpits Pot Common Oxshott Ramsnest Common Badshot Lea Abbotswood The Bourne Rowly Busbridge Dorking Holmbury St Mary Shepherd's Hill South Earlswood Lower Ashtead Thursley Lower Bourne Binscombe Dockenfield Woodmansterne Boundstone Charleshill Upper Hale Shepperton Worplesdon Ash Green Willey Green Mickleham Lordshill Common Egham Hythe Esher Horsell Birch Burstow Haslemere Hambledon Cartbridge Reigate Heath Lingfield Church End Mid Holmwood Salfords Coldharbour Mousehill Addlestonemoor Culmer Frimley Tyler's Green Leigh Woodhatch Stanwell Moor Hydestile May's Green Weybridge East Molesey Waterside East Horsley Fredley Abbey Mead Crosswater Hale Downside Holland Lower Green Povey Cross Artington Weston Green Sandy Cross Fairlands Wheelerstreet Moorhouse Bank Tilford Common Pyrford Village Ansteadbrook Whyteleafe Wood Street Village Egham Blindley Heath Combe Common Castle Green Thorpe Lea East Ewell Green Cross Stanners Hill Hook Heath Send Marsh Weatherhill Ashley Park Shepperton Green Hawk's Hill Albury Pitch Place Ashford Stoneleigh Guildford Park Claremont Park Great Bookham Shottermill South Park Laleham Shipley Bridge Dippenhall Redhill Westbrook Milford Wray Common Lane End Tadworth Woodbridge Hill Spreakley Shortheath Blackbrook Brewer Street Littleton Rydeshill Slyfield Peartree Green Pyrford Green Ash West End Bushy Hill Deepcut East Clandon Effingham Farnham Titsey Shamley Green Upper Eashing Palmers Cross Field Common Compton Hascombe Hooley Newlands Corner North Looe Horley Little Heath South Godstone Wrecclesham Newdigate Laker's Green Middle Bourne Kingfield Dunsfold Common Hersham Paynes Green Mimbridge Dunsfold Pixham Puttenham Guildford Cramhurst Reigate Oatlands Park Bridge End Nutfield Hoe Upper Halliford Little Bookham Broadford Bellfields Westfield Tatsfield Martyr's Green Compton Beacon Hill Normandy Box Hill Ridge Green Strood Green Shortfield Common Knowle Green Stonehill Dormansland Thorpe Burntcommon Gatton Charlwood Hindhead Lightwater Long Ditton Crowhurst Crawley Hill Thames Ditton Betchworth Deepdene Burrowhill Shrubs Hill Hurst Park Ewhurst Onslow Village Catteshall Burwood Park Westhumble Miles Green Addlestone Staines Longcross Stoke D' Abernon Meath Green Claygate Newchapel Rydens Rowledge Woldingham Garden Village Frith Hill Rose Hill Littleton Common Ash Vale Norley Common Warwick Wold Hatton Hill Ashurst Wood Heath End Mayes Green Cranleigh Brockham Peaslake Pirbright Beare Green Whitebushes Wanborough Knowle Hill Brooklands Brook Forest Green Wasp Green Donkey Town Elm Corner Highstreet Green Weybourne Sidlow Ripley Tyrell's Wood Domewood Lingfield Common Burpham Ewell Hurst Green Sunbury Common Pirbright Camp Woodham Outwood Felcourt Sutton Green Norney West End Cooper's Hill Frimley Ridge Netherne on-the-Hill Sheets Heath The Wells Chertsey Meads Logmore Green Mead Vale Pyle Hill Wormley Ottershaw Pains Hill Maybury Old Woking Langley Vale Holmethorpe Witley Brook Place Oxted South Holmwood Earlswood North Holmwood Hinchley Wood Godalming Brockham Park Littlefield Common Bagshot Heath Nalderswood York Town Jacobs Well Pitch Place Alfold Crossways Margery Enton Green Church Town Friday Street Peasmarsh Alfold Virginia Water Cudworth Horsell Farleigh Whitfield Court Elstead Farncombe Shalford Hog Hatch Send Shackleford Hythe Tilford Merle Common Limpsfield Chart Ranmore Common Peper Harow Moor Park Felthamhill The Sands Langley West Horsley Burrows Cross West End Critchmere Thorpe Green Buckland Hurtmore Lower Halliford Nork Wotton Sandhills Felbridge Sheerwater Ewhurst Green Englefield Green Dormans Park Russ Hill Tuesley Bowlhead Green St George's Hill West Clandon St Johns Charlton Haxted West Bedfont Dunsfold Green Horne Dawesgreen Bagshot Ridgway Shellwood Cross Mogador Abinger Hammer Tongham Upper Ifold Leatherhead Common Stanwell Heatherside Gadbrook Abinger Common Prey Heath Capel Crossways Merstham Frimley Green Farleigh Court Stroude Limpsfield Ashford Common Holmwood Corner Fetcham Ockford Ridge Rowhill Chelsham Hookwood Pyrford Cox Green Tower Hill Mayford Eashing Caterham Thorncombe Street Churt Trumps Green Broadham Green Brook Okewood Hill Runfold Sutton Abinger Bisley Camp (National Shooting Centre) Mytchett Place Fairmile Seale Ashtead Downside Send Grove Banstead Westcott Mugswell Woldingham Ockham Clark's Green Row Town Brookwood Parkgate Tandridge Egham Wick Windlesham Brick Hill Nutcombe Giggshill West Molesey Crowhurst Lane End Mytchett Ockley Walton-on-Thames West Ewell Pachesham Park Albury Heath Knaphill Burgh Heath Hamsey Green Woodcote Chaldon Bushbury Bramley Leatherhead Flexford Lucas Green Cobham Holloway Hill Coles Meads Irons Bottom Woking Chiddingfold Wonersh Wyke Headley Mount Hermon Aaron's Hill Camberley Fickleshole Fox Corner Chilworth Godstone Walton on the Hill Woolmer Hill Merrow South Merstham Gomshall Chipstead The Downs Stonebridge Park Barn Bisley Walliswood