Taxation Services

At Bates our advisers will carry out a detailed analysis of your financial circumstances. From this an appreciation of your tax position is also obtained. When looking at your financial planning, the effects of taxation upon any recommendation can be weighed-up, and this will help in the final choice.

Bates Private Client 

Higher earners/High Net Worth individuals requiring more sophisticated tax planning or investment portfolio design services can rest assured that our trained staff can help them attain their objectives.

We have specialists who can unravel your recent tax problems and potentially reduce your tax costs going forward, and offer tax schemes to high earners. They can combine tax planning with investments such as Venture Capital Trusts and Film Partnerships, in formulating the right solution for you the client. 

Our specialist advisers knowledge also extends to the more creative investments and tax schemes, onshore and offshore. 

For a no-commitment interview to discuss your affairs with one of our tax specialists, contact us by following this link.

Not all of the above products or services are regulated by the Financial Services Authority.

Inheritance Tax Planning

Once considered just a tax on the rich, the property inflation of recent years has caused a huge percentage of personal estates to exceed  the Inheritance Tax nil rate band (£300,000 in 2007/8), beyond which the estate is taxed at a staggering flat rate of  40%.

For example, for a widow who dies owning a house worth £250,000, cash and investments of £125,000 and other chattels of £25,000, her estate incurs a tax bill of £40,000.  

Or take a widower with a house worth £500,000 and other assets of £300,000:- the tax bill upon death would be £200,000.

In many cases, some  inexpensive tax planning, perhaps built around a suitably drafted will, can reduce the potential tax bill considerably.  

For larger estates, reducing the potential Inheritance Tax liability requires some careful thought. In many cases, total mitigation will involve divesting yourself of some of your assets during your lifetime. There are certain allowances and concessions which may be used, and you may prefer to gift assets into a simple trust structure.

What is good for one individual is not necessarily good for another. That is why I discuss your particular circumstances in such detail with you before offering creative solutions.  

I can advise on how to achieve your aims, and (where relevant) on how to use types of trusts in so doing. Trusts are nothing to be afraid of, and indeed can frequently be set up at no additional cost when connected to a new investment of money. Most  trusts allow you a reasonable degree of control over the trust assets and their disposition during your lifetime.

As Benjamin Franklin put it, "nothing is certain in life except death and taxes". A rather more blunt reminder of the situation might be to ask "who do you like more, your family or the taxman?". Because you really can reduce the tax your estate (and hence your beneficiaries) will pay. An hour or two spent now could save your family £000's in years to come.

All of our advisers are trained in this area, and some are specialists in it. Please do not delay in discussing your concerns with us. 

Not all of the above products or services are regulated by the Financial Services Authority.