- Smart Accounting: Expert IHT Planning for Your Future
IHT
Inheritance Tax (IHT) is levied on the transfer of assets, either during someone’s lifetime or upon their death. This tax can apply to gifts, inheritances, or other types of asset transfers. Due to its complexity, it’s essential to work with a qualified accountant or tax advisor to ensure proper planning and compliance, as IHT can significantly impact your estate and beneficiaries.
At Smart Accounting, we provide comprehensive support in IHT tax planning, helping you navigate this complex area with ease. Our expert team ensures that all potential reliefs and exemptions are considered to minimise your IHT liability. Whether you’re planning for the future or managing an estate, we work with you to develop an effective strategy that safeguards your wealth and ensures a smooth transfer of assets to your loved ones.
Our Fee
At Smart Accounting, we believe in complete transparency when it comes to our fees. For our Inheritance Tax (IHT) planning services, we discuss and agree on the fee structure upfront, ensuring that you know exactly what to expect. This ensures peace of mind and avoids any surprises later on.
Our IHT tax planning fees are tailored to your specific needs, as every estate and tax situation is unique. We take the time to understand your individual circumstances and provide a customised service that best suits your requirements.
Once we agree on the fee, our team works diligently to offer comprehensive advice and planning strategies to minimise your IHT liability. We ensure that your assets are passed on efficiently, preserving as much value as possible for your beneficiaries.
CLT & PETs
Chargeable Lifetime Transfers (CLTs) and Potentially Exempt Transfers (PETs) have distinct rules that impact Inheritance Tax (IHT) planning. During our consultation, we will explain how these transfers work and how they could affect your estate’s IHT liability. We’ll ensure you understand the potential implications of each and guide you through how to handle these transfers strategically as part of your overall tax planning.
IHT Taper Relief & Exemptions
At Smart Accounting, we’ll explore the application of IHT Taper Relief, if relevant to your situation. Taper relief can reduce the amount of tax owed based on how long the transferor has been deceased. Additionally, we’ll discuss other exemptions available for certain bequests and gifts. Some transfers made during a person’s lifetime or upon death may be exempt from IHT, reducing the overall estate value subject to tax.
IHT Tax Planning & Inheritance Tips
We offer comprehensive IHT tax planning tailored to your needs, including strategies around CLTs, PETs, and other reliefs like Business Property Relief (BPR). Our advice covers the best ways to manage your estate, including gifting, legacies, and tax-free transfers. We'll also provide tips on how life insurance policies and fall-in-value clauses can play a role in reducing your estate’s IHT liability.
Our Service To You
At Smart Accounting, we specialise in offering tailored accountancy and tax services to self-employed individuals, business owners, and company directors. Our proactive team ensures that all your filing obligations with Companies House and HMRC are met on time, giving you peace of mind and freeing up your time to focus on growing your business.
We work hard to optimise your tax position, ensuring you pay no more than necessary. Our goal is to help you maximise deductions and reliefs, reducing your overall tax liability while keeping you fully compliant with all regulations. We offer clear, honest advice to guide you through every step of the process.
Our services are offered on a fixed-fee basis, so you can count on transparency with no hidden costs. We understand the importance of personalised service, which is why we assign a dedicated accounts manager to your business. They’ll be available to answer any questions, providing same-day responses to all phone and email queries.
