Are you looking for tax advice? Our Rye based office has a wealth of experience working throughout the area with clients from small personal tax planning, right through to Inheritance and Property Tax issues.
So if you are looking for Tax planning and advice in Rye, get in touch with a member of our team or take a look at some of the services we provide below.
As chartered accountants, our dedicated team are up to date with the very latest tax legislation. We have years of experience in helping clients to identify where tax can be deferred or mitigated by reviewing their income.
When you work with us, we will assist with remuneration planning to include dividends, salary, self-employment profits; income tax relief for pensions (and annual allowance charges where applicable); charitable donations; and loss relief.
Tax for Trust, Estates and minor children can be very complicated but we can offer you advise you on the income tax positions.
Inheritance Tax Planning
When planning for Inheritance, it is important to consider the tax legislation that may affect the people you care about the most. It may be that there are tax opportunities you haven't considered which will maximise the final sum that is passed down to your family or beneficiaries.
Using our estate planning service, you can create a tax-efficient will that makes full use of the IHT reliefs and any exemptions on lifetime transfers. We can also advise you on how to use trusts to protect your assets during life & death.
Capital Gains Tax
Capital Gains Tax is the tax you need to pay on the profit you have made from selling a valuable asset. The type of asset you are selling can vary greatly, from stocks and shares to property. To make sure that you minimise the Capital Gains Tax, we would advise that you manage this through a chartered accountant.
You can apply for a number of reliefs to bring down the tax applicable, but this is a complex process with very specific rules. With our in-depth knowledge of tax legislation, we can identify these and advise you on how to use them to your advantage.
When it comes to Property Tax, there is so much to consider. Property Tax is complicated and there are so many conflicting matters to take into account. We will take into consideration what costs can be offset as well as how your mortgage interest is relieved for income tax.
It is also important to consider how much Capital Gains Tax (CGT) applies to a property sale and how the IHT is applied.
If you are looking to purchase a property as an investment, we would advise you to speak to a member of our team first. Buy to Lets and Furnished Holiday lets are a popular choice but you need to be up to date with CGT Legislation as there may be considerations if the property was ever a Principal Private Residence (PPR) or a second home.
Speak to one of our partners here at GMP to have a frank and open conversation so we can clearly and efficiently guide you through the tax implications of property ownership. These taxes can be applicable throughout the buying process, before the purchase and after the property is sold.
If you would like tax advice on any of the subjects mentioned above, get in touch with a member of our experienced team in Rye.