Free initial consultation
Below are some examples of the type of work we do for individuals which we hope gives you an idea of the type of help we can provide. At Abbey remember we don't charge for our first meeting so give us a call today and let us see how we can help you.
Income Tax
Over the last ten years personal taxation rules have become increasingly complex and potentially very expensive if you get it wrong. Whether you run your own business, are self employed, have investments, buy to let properties, money from overseas, inheritances or any form of non standard income we can help you by carrying out personal tax planning. This allows you to arrange your finances in the most tax efficient way hopefully saving you money and avoiding unwelcome surprises. At Abbey we specialise in domestic and international tax planning advice so you are in safe hands.
Capital Gains Tax (CGT)
Capital gains tax applies to the disposal of an asset. An asset can be a property, land, stocks and shares, a painting and many other items. The tax is calculated on the difference between the proceeds from the sale and the original cost of acquisition. The net gain arising is taxed at 18% for individuals who are basic rate tax payers and 28% for individuals who are higher rate tax payers. There are a number of exemptions available which can dramatically reduce the tax liability. The application of this tax on properties, in particular second and let properties, can give rise to substantial capital gains tax liabilities which, with careful planning, can be materially reduced. Obtaining advice as early as possible will give us the opportunity to review the options available to mitigate this tax.
Inheritance Tax (IHT)
Whilst death and taxes are both inevitable, Inheritance
tax can seem an unfair combination of the two. This tax
applies to gifts made during an individual's lifetime or
on death. If a gift is made to another individual and the
donor survives 7 years from the date of the gift no
inheritance tax will be payable. Should an individual not
survive for 7 years the value of the gift is added to the
value of the individual's estate on death and inheritance
tax becomes payable. The first £325,000 will have no IHT
payable whilst the excess will be taxed at 40%. If the
lifetime gift was an asset rather than cash the position
becomes more complex because as well as being subject to
the inheritance tax regime it also is treated as a
disposal for capital gains tax purposes. One of the major
problems that arises in planning for inheritance tax
mitigation is the family home. It is not possible to give
away an asset and still have use of it. Many people give
their family home away to their children but still live
in it; this only works in very limited circumstances and
in fact normally worsens the overall position.
Anti Money Laundering compliance
All the services we provide are subject to prior compliance with anti money laundering legislation the details of which can be found here.