Seeking inheritance tax advice isn’t compulsory. It does help you and your loved ones get to grips with your potential IHT liability. You will want to ensure that you don’t pay more than is required. Your loved ones should benefit from your hard work and benefit from the wealth & legacy assets you have created.
Inheritance tax advice
Thinking about getting your inheritance plans in order? Concerned with the current property tax regulations and how high you think your inheritance tax liability could be?
Feeling unsure about how best to handle your assets as tax efficiently as possible? Confused by the IHT400 form?
If you’re wondering when the right time is to plan for the smooth transition of your assets, the sooner you get the ball rolling, the more flexibility you have. Our IHT accountants are expertly trained to ensure that your family retains the benefits of your labour, and it’s not sucked up by HMRC.
Inheritance tax consultation for landlords
Buy to let property investments often create a lot of wealth over a lifetime. Optimise Accountants specialise in ensuring that your financial assets gained from property investment are passed on to future generations in the most tax efficient way possible. Doing so in a fully compliant manner, to avoid the beneficiaries running into any issues – with HMRC for example – is also a priority.
There are three main areas we will consider when it comes to sorting out your inheritance tax.
1) Making a will
Your will must specify beneficiaries by their names in conjunction with the exact assets that you wish to transfer to them.
2) Using your lifetime transfer allowance to mitigate CGT and IHT
We each get a £0 tax allowance on £325,000. After this, we are subject to a 40% tax rate on all our assets. So, passing on an asset of £500,000 would result in £70,000 of tax.
By transferring the value of some assets it’s entirely possible to significantly reduce or even nullify this liability. To illustrate, if you take the £500,000 asset value and transfer £200,000 (and survive for seven years), the remaining asset to be taxed is worth £300,000 and falls within the nil rate band. Therefore, your IHT liability is £0, instead of £70,000 on the original asset value.
3) Investment structure
Finally, our inheritance tax accountants will consider the whole picture to create an investment structure that takes care of any IHT liabilities without you needing to pre-dispose of any assets.
When it comes to inheritance tax there is a lot to think about. As your property portfolio grows it inevitably becomes more complex. Every asset will have its own utility providers, its own insurance and its own mortgage(s). Any joint ventures with third parties must also be considered as they’ll likely have legally binding contracts, not to be neglected. Add to this the need for diligent record keeping (gifts and lifetime transfers) every tax year, so that the IHT400 form can be accurately filled in.
Our inheritance tax accountant team is specifically trained to help with your estate planning. You can relax knowing that in the event of your death, your assets will be transferred smoothly and, in a tax efficient way, supporting your beneficiaries as much as possible.
Why pick our inheritance tax service?
All our inheritance tax advisors are fully ACCA and ATT qualified, ensuring that we provide the best tax saving solutions possible, all the while ensuring that you remain fully HMRC compliant.
We’re proud of our transparent subscription-based pricing. We can guarantee that you’ll never be overcharged for unnecessary services and our inheritance tax advice is always generated on a bespoke basis by our consultants. The savings we can deliver on your IHT liability far outweigh the cost of our services .
As well as consulting on minimising your inheritance tax liability across your buy to let portfolio, our property experts advise on all related aspects of wealth and tax planning for your future.
As well as being inheritance tax experts we also offer:
• Buy to let accountancy services for landlords and property developers
• CGT accountancy services
• Stamp Duty Land Tax (SDLT) mitigation and refund services
Property tax knowledge hub
Stay up to date with the latest property and inheritance tax legislation with insight from our senior property accountants.