Certainty is all about the planning: if tax and death are certain, would it not be prudent to lessen one and plan effectively to minimise the impact of the other?
At JT AccountS, we are about helping you to recognise your net worth and to strategically plan for your future by lowering your tax and future tax liability.
In this world nothing can be said to be certain, except death and taxes.
– Benjamin Franklin
“Proud to be the first Accountants in Enfield to Offer Probate and Estate Administration Services”
Making a Will is vital if you want to be certain that your wishes are met. A Will is the only way to make sure your money, property, possessions and investments (known as your estate) go to the people and causes you care about.
A Will makes inheritance a far quicker process and means your loved ones won’t have to wait longer than necessary to receive money.
Without a Will your estate will be distributed according to the Laws of Intestacy.
Lasting Power of Attorney
A Lasting Power of Attorney (LPA) is a legal document that allows someone to make decisions for you, or act on your behalf, if you are no longer able to make your own decisions.
There are two types of Lasting Power of Attorney:
– Health and Welfare
– Property and Financial Affairs
This is the process of obtaining the Grant of Probate through the courts by the executors and establishes the validity of a Will. It includes making an Inheritance Tax (IHT) Return to HM Revenue & Customs (HMRC) and paying the tax due.
It also finalises income tax affairs and pensions, collecting in the estate from banks, building societies and selling assets, paying money due to beneficiaries, making any gifts of items to beneficiaries and preparing accounts for the estate. This can be a daunting and onerous prospect at a very emotional time and we are happy to help ease this burden for you.
Estate planning is the process of anticipating and arranging, during a person’s life, for the disposal of that person’s estate. Estate planning includes a process of reducing or eliminating uncertainties over the administration of a probate, and maximizing the value of the estate by reducing taxes and other expenses.
The ultimate goal of estate planning is determined by the specific goals of the client and can be as simple or complex as the client’s needs dictate.
Our Practice’s Will Writer can also assist you with drawing up a Will.
Inheritance Tax (IHT)
IHT tax planning is one of the easiest (and biggest) ways to save money possible; learn more about IHT planning and saving on death duties. We can advise on the IHT tax threshold, who is responsible for paying it, when it will need to be paid, how it is calculated and, more importantly, how you can plan ahead to minimise what will need to be paid.
Making a gift to your family and friends while you are alive is a good way to reduce the value of your estate for Inheritance Tax (IHT) purposes, as well as benefiting your loved ones immediately. However, estate and tax planning is a complex area and utilising professional advice can help you avoid several big pitfalls when gift making.
Would you like to know how much you can give to your spouse, civil partner, children, and family, tax free? What about giving to a charity? We can advise you on this, as well as explain your annual ‘gift allowance’, what is a Potentially Exempt Transfer (PET), and advice on estate, digital asset, and general tax planning.
Digital Asset Planning
Digital asset planning is the process of anticipating and arranging, during a person’s life, for the disposal of that person’s digital assets. Digital assets are not presently protected by uniform legislation, or indeed defined in law, but it is important to plan and provide for what should happen with these assets post death.
A definition of digital assets are files stored on digital devices, including but not limited to:
- Storage devices
- Mobile telephones
- Any similar digital device
This includes but is not limited to:
- Emails received
- Email accounts
- Digital music
- Digital photographs
- Digital videos
- Software licenses
- Social network accounts
- File sharing accounts
- Financial accounts
- Domain registrations
- DNS service accounts
- Web hosting accounts
- Tax preparation services accounts
- Online stores
- Affiliate programs
- Written code that you own
- Intellectual property and other online accounts
- Shopping accounts with a balance
- Similar digital items, regardless of ownership of the physical device upon which the digital item is stored.
JT AccountS are proud to be a member of the STEP Digital Assets Working Group, which has been established to address emerging issues and campaign for greater clarity and uniformity in international laws and among internet service providers.
General Tax Planning
This is the process of minimising your tax liabilities through legal methods. General principles of tax planning are to maximise non-taxable receipts (income), minimise non-deductible expenses (expenses), apply capital receipts in the acquisition of qualifying capital expenditure (allowances), and avoid outright default of tax provisions to eliminate payment of interest and penalties. We help you to access good tax planning through planning strategies and tax saving opportunities.
Inheritance Tax Calculator
Inheritance Tax Checklist
My father passed away in 2016 and left his estate between three of us. JT AccountS dealt with the Probate & Estate Administration smoothly and efficiently. During what was an extremely tense and at times contentious period of our lives, Jacqui kept a cool head and was able to treat the situation with the sensitivity it required.
We are all extremely grateful to Jacqui for the work she did.