Personal financial planning forms an essential part of the overall financial strategy. Our external financial advisors can provide you with the tailor made advice on insurances, pensions, and investments.

The UK tax system continues to grow ever more complex, with a greater responsibility being placed on the individual to get his or her tax right.

If you pay tax, ensuring you receive the best professional advice to optimise your tax position, meeting all the necessary compliance requirements while working to reduce your tax liability, is paramount.

As your tax specialists, we can provide you with year-round advice on the following:

• Capital gains tax
• Cross-border tax planning
• Income tax
• Inheritance tax
• Issues relating to residence and domicile
• Trusts and Estates
• Will planning

There are potentially many tax saving opportunities available to you; you just need the right advice to unlock them as:

• Every pound of income tax you save means more income at your disposal
• Every well-planned disposal of assets means minimal loss of capital gains
• Every inheritance tax saving means greater rewards for your beneficiaries

In the past Inheritance Tax (‘IHT’) was often classed as a rich man’s tax in the UK. However, an ever increasing number of middle-class people have now assets more than the Inheritance Tax exemption thresholds and therefore have potential exposure to IHT. Currently, everyone can leave £325,000 completely tax-free.

Above that amount, anything you leave behind is the subject tax of 40%. So for example, if you leave behind assets worth £500,000, your estate pays nothing on the first £325k, and 40% on the remaining £175k – a total of £70,000 in tax.

At Abraham and Associates, we can help you with your estate planning, including succession planning and business exit strategies.

There are some ways to reduce the potential tax liability on your estate, and they all involve careful planning – often over an extended period.

We provide advice on the income tax, capital gains tax and inheritance tax consequences of leaving the UK or coming to the UK for the short and the long term and on establishing your residence and domicile position with the HM Revenue & Customs.

UK Residents Going Abroad:

There are many things to consider when planning such a move, such as:

• Reviewing contracts of employment/self-employment
• The changing impact of Income Tax on your earnings and investment income
• The changing impact of Capital Gains Tax on your assets
• Planning dates of departure from and re-entry into the UK
• Calculating allowable days in the UK including working days

If you are leaving the UK to become non-resident our tax specialists can help you make sure everything is organised to minimise tax and to avoid pitfalls.

Overseas Nationals Coming to the UK:

It is no surprise that the UK tax authorities will be interested in your financial affairs.

Areas to Consider Are:

• Establishing your UK tax status
• The taxation of income  and capital gains while you are here
• Whether to use an offshore company to hold UK assets
• Inheritance tax rules on UK and overseas assets
• Help with will writing and related tax planning

Our tax returns team takes away the hassle and worry of self-assessment. If the thought of filling in your tax return fills you with dread, you’re not alone. Many people find it complicated and time-consuming, so it’s no wonder that almost 1 million people a year are fined for failing to return it to H M Revenue & Customs.

Under Self-Assessment, the onus is now on individuals to complete their Returns and to ensure that they pay the right amount of tax.

We ensure that your personal tax affairs are appropriately and efficiently looked after, and we liaise directly with HMRC on your behalf, giving you peace of mind and relief from this burdensome task.

Our tax return service offers more than just a tax return.  We will also review your affairs annually and alert you to any tax saving opportunities that might fit your circumstances.  It includes the offer of a face to face meeting to talk through any tax concerns you may have and to make sure your affairs are arranged as efficiently as possible.

We can:-

• deal with all your tax matters no matter how complicated
• complete your tax return and all necessary schedules
• calculate your tax position
• send you a full copy and explanatory notes
• file your tax return online to H M Revenue & Customs
• deal with the Revenue on your behalf be available for all your queries and questions