Funny old business tax planning, said nobody, ever. Even funnier is that if you ask most people whether they would like to pay more tax I reckon the scales would tip rather heavily on the NO side. So why are so few prepared to do it?
Well, firstly because it sounds super complex. The reality is everything is complex when you don’t understand it. Talk to an expert that knows his RNIBs from his GROBs and it all becomes a little clearer. See? Not really. And that’s just part of the problem.
Next is that it is super boring. I mean who’s ever wooed you by saying, “Fancy coming to a tax seminar?” Me neither. But then do you really need to understand the minutia of the advice? The answer is no, that’s the for an expert to understand and to relay to you in an easy to understand the process to achieve the outcome you’re seeking.
Lastly, too many of us just don’t see it as important enough. Well, how about I tell you that I saw a couple recently, they had a house worth around £900,000 and life cover of £500,000 each. In a few minutes, I found 2 simple ways to save them £540,000 in inheritance tax. Now that becomes a little more interesting doesn’t it.
Add into the mix what we are all now faced with, out of the blue, an invisible virus that’s coming to a town near you.
Planning doesn’t bring the grim reaper any closer, it just means once you’ve done it there’s one less thing for you to worry about.
This information provided in this article is not intended to constitute legal advice. Your specific situation requires careful consideration in our view by a person fully qualified before decisions are made and before you embark on a certain course of action.
Wills, Trusts & Probate team
0207 183 2898