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Personal Tax

One of the key elements in making sure you maximise the value of your assets is ensuring that your taxation liabilities are managed efficiently. In respect of personal taxation, this is most commonly as issue when wills are being considered, as inheritance tax may be due if you leave a large estate. This is a significant thing to consider, given that over £3 billion is collected by HMRC in Income Tax every year, with the average amount being almost £90,000.

Taxation can be managed effectively by expert use of trusts as a way of holding your assets for the enjoyment of those you wish to benefit, rather than wills alone or the rules of intestacy, which will not ensure that the maximum value goes to those you'd like it to. Using trusts as a tax efficient method of leaving your assets must be done with care, however, as it is possible for the situation to arise where the inheritance tax is simply paid on creation of the trust rather than being avoided altogether. Therefore, you should seek specialist legal advice when deciding upon your plans.

Taxation also affects individuals where Capital Gains tax is concerned, which concerns the increase in value on an asset you sell for more than the value of £6000. A solicitor can also be used as an alternative to an accountant for more general tax needs, such as handling your income tax returns, as they can have better experience in working for individuals, as well as being able to deal with all your personal tax needs in one place.

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