Tax Planning

Tax payments are at best, unavoidable and the more you have in wealth, assets and savings the higher amount you are likely to be liable to pay. However by enlisting the help of an expert to plan your taxes you can avoid paying any more than is absolutely essential. One of the biggest areas that can be affected by this is when it comes to inheritance tax.

The government has installed certain initiatives within the tax system which has increased the amount you can leave to your loved ones in a lump sum once you have passed away. These have also affected the system of ‘potentially exempt transfers’ whereby you are within your rights to gift sums of money which will be exempt from inheritance tax as long as you remain alive for a minimum of 7 years after the gifts have been given. Similarly this also includes any shares in your property you may wish to leave to a loved one.

Within our private client team at Morlings solicitors we have tax planning experts who will go through all your affairs with you and advise you on the best way forward for both you and the recipients of any financial gift.

Including but not limited to, our solicitors can help you with:

  • how much you will be allowed to pass on tax free when you die, which may range from £325,000 to over £800,000 depending on your circumstances;
  • the tax incentives of being married or in a civil partnership;
  • the tax-free gifts you can make during your lifetime;
  • how to take advantage of the potentially exempt transfer rules;
  • the capital gains tax implications where transfers of money and property are made before death;
  • the tax benefits of leaving a share in the family home to your children, grandchildren or other descendants;
  • the tax benefits of leaving money to charity;
  • the use of trust arrangements to further mitigate your tax liability;
  • the availability of business property relief and agricultural property relief; and
  • other ways to protect your wealth.

If you are looking for tax advice prior to making your will we can assist you in that process in tandem with any of the above.

Advising individuals and families throughout Kent and beyond

We have offices in Maidstone, Gravesend, Chatham and Tenterden where we can meet you to discuss your requirements.

We can also offer meetings at your home, or over the telephone via Skype if you have the need to travel abroad extensively. 

Funding

An initial appointment to discuss your requirements can be arranged from £95 plus VAT.  After that we can agree funding arrangements to suit your budget. 

Get in touch

Call us on 01622 673081 if you need our help. Alternatively, please complete our Contact Us form and we will be in touch as soon as possible.

 

For further information please call to speak to one of our experts on 01622 673081