Are you a high net worth individual looking for an accountancy firm to help with various tax reliefs and tax planning so you can pay the least amount of tax legally?
Then you have come to the right place, our team of chartered accountants will be able to perform a tax audit on your various income streams and come up with a plan on how you can save money on your tax bill.
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According to HMRC, the definition of a high net worth individual is anyone with £10 million or more in assets. So if you have assets worth over £1 million or you have a six-figure annual income, you would most likely benefit from tax planning via a specialised tax accountant for high-net-worth individuals, entrepreneurs ,only fans models, influencers, Accountants for family businesses.
As someone with a higher net worth, protecting your assets should be high on your list of priorities. An accountant can help you do this in various ways and provide you with tax planning services to maximise your worth and income.
Your accountant will communicate any changes in UK legislation and advice on remaining tax efficient. Seeking the advice of professional accountants for high-networth individuals will mean that you will always be up-to-speed with tax compliance, so you can focus on running your business.
Financial and tax planning can tremendously benefit those who have accumulated or inherited assets. In addition, if you’re in the process of building wealth, you will also benefit from tax planning.
Our UK accountants are available to help make a difference to Income Tax, Stamp Duty, and Capital Gains Tax liabilities, as how you structure sales or how you pay for assets can enable you to remain tax efficient.
An essential part of estate planning is making sure your loved ones are supported in the best way following your death. Unfortunately, inheritance Tax thresholds are set to stay at the current rate, frozen, in the future, so it’s important now more than ever to ensure you have your tax affairs in check.
Seeking the help of professional accountancy firms is your best bet in ensuring you are not caught in the tax net. Our team of chartered accountants are on hand to provide advice on reducing the tax you pay during your lifetime, as well as tips to manage your will and the planning of your estate.
While investment portfolios are known to focus on and contain company shares, a good fund manager will ensure the portfolio focuses more on balancing your assets. This, of course, means taking the relative taxation limits and issues that could come up naturally.
Several tax-friendly investments can reduce tax liabilities for higher net worth individuals. This can be in the form of sheltering the funds from Capital Gains Tax and Income Tax or by deductions from your tax bill at the end of the financial tax year.
Investments higher net worth taxpayers are commonly using:
If you hold assets totalling more than £325k following your death, Inheritance Tax will be charged. To reduce the tax paid following death, you can give away your assets while you are alive.
Although the cost of living and wages has gone up and is set to carry on increasing, IHT has been frozen at this rate.
CGT is charged on any profits you make from selling assets or on the Market Value of gifts received.
The first £12,300 is covered under the annual tax-free allowance, but any amount or excess after this is taxed at a rate from 10% to 28%. The rate depends on the tax year income you received, and the asset that has been sold.
Personal tax applies to an individual’s income and any Capital Gains they’ve accrued. The tax-free allowance on income is currently £12,570, and anything over is charged at a rate from 7.5% and %40. This depends on the type and amount of the individual’s income.
If an individual’s income exceeds £100k, the personal allowance is scrapped. However, it’s worth being aware that if your income exceeds £125k, you get no tax-free allowance at all. An income in excess of £150k incurs a tax rate of either 38.1% or 45%, depending on the income type.
In order to identify the tax band of any Capital Gains, the excess of the annual tax-free allowance is added to an individual’s income. The tax rate on Capital Gains falls within a basic tax rate band of either 10% or 18%. This rate increases to 20% or 28% if the Capital Gains exceed the higher rate tax threshold mentioned previously.
While reducing your Inheritance Tax bill is a vital part of trusts and estates planning, there is a lot more to it than just that. Ensuring there are the correct funds to afford arising costs throughout retirement and death is a welcome benefit of correct planning.
Being able to retain control over gifts and company shares, and to which family members may receive them is all a result of effective trusts and estates planning services.
In the case where a family trust creation is appropriate, the accounting team at TaxBite can advise on the creation and management of the trust. In addition, because there are a number of different trust types available, our advisors can help you decipher the best and most appropriate type according to your personal circumstances and requirements.
Our accounting firm specialises in UK taxes, however, if you fall outside of this, we do have the ability to cater to global clients. Contact us below for advice, or to find out more about our trusts and estates tax services.
Contact Our TeamAt TaxBite, our accountants can help you ensure your tax affairs remain compliant and are paid on time. Our accounting team can help you structure your finances to become as tax efficient as possible.
Our specialist services include managing inheritance tax, personal tax, business tax, audit work, succession planning, financial planning, and compliance advice services.
Suppose you are someone or a company with higher net worth. In that case, it is highly recommended that you seek the advice and services of professional accounting technicians to protect your wealth and money and help avoid other tax issues that come with achieving a higher net worth.
Click below to discuss the benefits of trusts and estates planning, financial planning, and more with our chartered institute, which is known for going the extra mile. A list of our chartered members is available at our registered office address.
We have many service clients across the UK; our accounting team would like to hear from you whether you’re a business owner or an individual looking to discuss how to protect your business or money. In addition, our accountants are on hand to advise on all things tax.
Dedicated AccountantsThe TaxBite accounting firm helped me to manage finance within my business, and I can’t recommend highly enough. The reporting is second to none, and I attribute a significant amount of this year’s success of my business to the TaxBite firm who have been advising me.
I used TaxBite for the past 4 years and the accountancy team are awesome! They always come up with crafty ways on how I can save money on my taxbill. Thanks guys!
The difference between mass affluent and high net worth individuals is that the term mass influent applies to those with a disposable wealth of under £100k. This can be as cash reserves or sellable assets.
As mentioned earlier, HM Revenue and Customs state that high net worth individuals have assets worth over £10 million.
Personal tax planning services can help ensure you plan your financial position in the most tax-efficient way possible. Our chartered accountants can help you adjust how your income is paid, or your assets are held. Contact us below for assistance.
While they aren’t considered limitations, some instances would require the services of either a legal professional or independent financial advisors.
Non-UK domiciled individuals and non-UK residents will benefit from tax planning. Still, it’s worth noting that overseas affairs will need to be taken into consideration, as advising on laws outside of the UK is specialised. Our team would be delighted to carry out this service and more to cater to your interests.
Trusts and estates planning relates directly to looking after wealth and planning for occurrences in your lifetime. Will’s can include instructions regarding your funeral and decisions even after death.
An effective estate plan service can reduce your net worth before you die to reduce Inheritance Tax liabilities. That’s if you plan appropriately, of course. Contact the accounting team at TaxBite for this service and advice on managing Inheritance Tax, UK Taxation compliance, Tax Returns, and more.
If you are a high net worth individual looking to hire an accountancy firm then get in touch with our team today either by phoning us our filling out the form on our website.
