Looking after your personal taxes should never be under-estimated. At M.A.D. Accountants, we can help you and advise what are the best options available to you and help you make sure you are not falling foul of or are using the allowances applicable to your personal circumstances.
We have developed a streamlined self-assessment service that will help you and give you Peace of Mind that all of your HMRC obligations are being met...when they should be met. See Personal for more information regarding this service.
Let's make sure your wealth is being managed as tax-efficiently as it can be and your investments are getting the best possible return. Our out-sourced wealth management professionals are experienced in looking after the simple or the complex finance structures to ensure you are getting the maximum benefit from the wealth you are creating or already have created. Solutions are tailored to your personal circumstances.
Planning for your retirement is really important and in particular as the Government is forever extending the age that they will provide a government pension. Do you really want to HAVE to work until you are 70? When would you prefer to retire? Look into the future and try to view what that would look like. Need help? We'll help by linking you up with our retirement planning professionals to help you plan ahead for the years to come...you are never too young to start.
Age is but a number? But is it really? At what age do you think you will be "passed it" and not able to enjoy a reasonable quality of life? That is your date!
What do we mean by that? How much money do you think you will need in your pension pot to live a comfortable life in retirement?
If you dont plan your estate properly, then inheritance tax can cost your descendants thousands of pounds. By working with our specialists they can possibly help your loved ones avoid huge amounts of this or even pay nothing at all. The threshold for paying Inheritance Tax is currently £325,000.
You can think of "your estate" almost like a separate bank account. On the credit side you have everything you own in terms of money, property and possessions, eg cash, shares, real estate and cars. Then, on the debit side there is everything you owe ie outstanding balance on credit cards, mortgage etc.
Having a will is not estate planning.
An estate plan covers all aspects of the administration of your estate and associated matters. Whilst this is not a nice topic to think about, creating a plan is vital to ensure that your wishes are honoured and to prevent disagreements between your relatives. Making a will, valuing your estate, planning who will take over your business (if you own one) and creating a lasting power of attorney are all important parts of your estate plan.
We can put you in touch with our specialist partner to ensure your estate is planned for correctly.
HMRC describes Capital Gains Tax as a tax on the profit when you sell (or 'dispose of') something (an 'asset') that has increased in value. It's the gain you make that's taxed, not the amount of money you receive. For example: You bought a painting for £5,000 and sold it later for £25,000 you are taxed on the £20,000 profit.
If you need help or advice on CGT then please contact us...we will be glad to help.