GRITSTONE TAX & ACCOUNTANCY
Our managing director at Gritstone Tax, Keith Emmerson is a Chartered Tax Adviser and has worked within the taxation industry for the past 35 years. We pride ourselves on really getting to know our clients so we can provide the best possible service, ranging from preparing a standard tax return to creating bespoke structures tailored to clients’ needs.
Our specialist areas include Property Tax Planning, Inheritance Tax planning and Family investments companies. However, we can help with much more! See our website for more details: Gritstonetax.co.uk
Property Tax planning
It is crucial to have the right structure when owning properties to minimise tax costs, whether you own them as investments or as part of a development project. There are also many taxes involved with property which have to be carefully considered, not only Income Tax, Corporation Tax and Capital Gains Tax, but also Stamp Duty Land Tax, the relatively new Annual Tax on Enveloped Dwellings and possibly VAT depending on your circumstances. Gritstone Tax have a wealth of experience in this field and can assist with this planning, advising how best to structure any property business going forward.
Inheritance Tax planning
Inheritance tax can have a huge impact on families if effective planning is not put in place to mitigate this. There are several options available to families to reduce or even eliminate the value of an estate for Inheritance Tax purposes such as Potentially Exempt Transfers, gifts out of income, the annual exemptions and the use of appropriate trusts. However, these planning points all involve gifting assets outright and may not be appropriate in all family circumstances. In this instance, other options are still available. Family assets can be reorganised so that wealth is held within a specific class of assets that will become IHT free after only two years of ownership, due to Business Property Relief.
It is important to have professional advice with many of these tax planning opportunities due to the various anti-avoidance measures introduced over recent years to ensure to right rules are adhered to. We can provide a balanced and structured approach to ensure wealth is protected down the generations and that all short term and long terms needs are met.
Family Investment companies
This closely links to Inheritance Tax planning and can be a flexible approach to transferring value within and down the generations. With the tax regime for trusts becoming very costly, family investment companies are becoming a far more popular way of passing wealth down the generations but retaining control. A company can be set up to hold investments (such as property) with the original shareholders reorganising the share capital so different family members can hold different classes of shares. This allows the company to, for example, have shareholders that hold non-voting shares so control of the company remains with the original shareholders. Every family is different so the above gives you just a taster of what could be done. At Gritstone Tax, we spend time understanding your requirements and family dynamics to make sure we can offer the best possible solution for your family.
Everybody’s situation is different and before taking any steps to change your situation you should always take advice from a suitably qualified and experienced professional adviser.
5 Oakwood Drive
Tel: 07852 245020
Social Media: Facebook