Accountants
An accountant's knowledge of a client's personal and business affairs, as well as inheritance and capital gains tax, makes them well-placed to help clients decide what to put into a Will or Trust.
Accountants should be consulted for major financial events such as marriage, divorce, births, bereavement, inheritances, business acquisitions, and sales.
These issues also affect future plans and should be managed with a professionally drafted Will, possibly a Trust, as well as Powers of Attorney and Letters Of Wishes if anyone is excluded or to give direction for pension schemes and life insurance policies.
Advisors who are more than just bookkeepers should ask their clients if they have Wills and powers of attorney in place and up to date.
We work closely with accountants to ensure your property and accounts are protected, tax-efficient and distributed as you would wish.
We will consult with your preferred accountant, introduce you to one, and seek advice ourselves for complex cases. We will conduct our due diligence to ensure that the accountant's service, pricing transparency, and business ethics are as excellent as ours.
We welcome calls from clients or Accountants who would like to discuss how we can work together to provide excellent service and a holistic outcome.
Case examples.
🌿Partnership disputes & General Power of Attorney (GPA).
A family landscaping business had two partners: Father & Son.
The son had a major personal disagreement with the father, which spilt over and affected the business partnership. The son refused to speak with the father or cooperate in any way. There was not enough time to implement a revised partnership agreement or Business LPA. Recalling a previous case, the accountant contacted us. We could draft and professionally witness a General Power Of Attorney (GPA), and Letter of Wishes within 24hrs. This enabled another family member to speak on behalf of the son to ensure that accounts and contracts were up-to-date.
🌿Probate & Capital gains tax Calculation
A client (against our advice) was completing their mother's probate. They needed a Capital Gains Tax calculation in a hurry. I referred this to an accountant who offer guidance the relevant advice.
🌿IHT and potentially exempt Transfers.
Accountants speak with clients annually or more often if there is a significant change. When discussing assets, liabilities, and income, it is wise to consider future planning.
When determining what your beneficiaries will receive, consider the tax on your estate. Estates above £325,000 (or £650,000 for a married couple) may be subject to a 40% inheritance tax. An additional threshold of £125,000 (rising to £150,000 in 2019/20) can be used for passing on a family home to direct descendants, given certain conditions. Gifting certain assets can reduce the value of your estate, as long as it's done at least seven years before your passing. Inheritance tax rates are tapered if the gift was made less than seven years before death. Certain gifts are completely exempt from inheritance tax. It's crucial to seek professional advice when making gifts as part of your estate planning due to the complex rules and exemptions related to inheritance tax.
