Tax Planning for Families
A Tips & Advice book about...
In a nutshell
This book is essential reading for every family seeking to optimise its financial position. Fully up to date with the latest tax rates and HMRC practice, it offers easy-to-implement and 100% safe tax-saving strategies for all your family assets, including the home. The many tax planning ideas this book offers are sure to help your family save tax for generations to come.
Like most families, you probably have a range of different financial requirements and goals. Whether you want to boost your family's net worth or fund your children’s education, this book will help your goals become a reality. In comprehensive detail, it examines issues such as:
- Making the best use of family members in your business
- Passing on the family home without incurring a nasty bill
- Arranging your investment portfolio to maximise efficiency
- The tax benefits of buying a property jointly
- Tax-efficient gifting of buy-to-let properties to your family
- Transferring your wealth to the next generation
- And so much more...
This book also contains useful documents such as template elections to put our ideas into practice quickly and easily. Take full advantage of the tax-saving and wealth creation opportunities this book offers your family.
We've created this Tips & Advice book especially for...
Anyone that wants to:
- Maximise and preserve their family’s wealth
- Take full advantage of the available tax-saving opportunities
Tax advisors and accountants that want to:
- Provide their clients with the best possible tax planning opportunities
You'll get the following free extras with this Tips & Advice book...
An online service with ready-to-use documents
- To immediately apply our advice and solutions in practice
- That you can easily adapt to suit your own requirements
In this Tips & Advice Book you'll read about...
Chapter 1 - The family company
1.1. Income tax rates
1.2. Employing your family
1.3. Paying dividends to family members
1.4. Paying pension contributions to family members
1.5. Can the company buy your spouse/children a car?
1.6. Do you have to pay CGT on a transfer of shares to your spouse?
1.7. Do you have to pay CGT on gifts of shares to your children or other family members?
1.8. Business property relief
Chapter 2 - The family home
2.1. Self-employed and working from home
2.2. Homeworking directors and employees
2.3. Rent-a-room relief
2.4. Higher CGT rates for residential property
2.5. Private residence relief
2.6. “Flipping” homes
2.7. Selling land that’s part of your home
2.8. Lettings relief
2.9. Is PRR affected if adult children still live at home?
2.10. Separation and divorce
2.11. CGT and use of home as office
2.12. Will IHT be payable on your home?
2.13. Can you give the family home to your children before you die to avoid IHT?
2.14. What’s the difference between joint tenants and tenants in common?
Chapter 3 - Buy-to-let property
3.1. Joint ownership with your spouse
3.2. Joint ownership with your children
3.3. Paying your spouse/partner/child to run your property business
3.4. Can you save CGT if you own the property jointly with your spouse?
3.5. How to avoid CGT with joint ownership with another family member
3.6. How to structure a property purchase for your children
3.7. Using trusts to defer CGT on buy-to-let gifts to family members
3.8. How to avoid CGT on gifts of furnished holiday lets
3.9. Using private residence relief to reduce CGT on buy-to-let properties
3.10. Are there any IHT implications of leaving a property to your spouse?
3.11. What are the IHT implications of gifting buy-to-let properties to your children?
3.12. Equity release
3.13. Do FHLs qualify for IHT business property relief?
3.14. What are the rates of SDLT?
Chapter 4 - Cash savings
4.1. How is savings income taxed?
4.2. Can you transfer your savings to your spouse to avoid paying tax?
4.3. Do you have to split the income on a 50:50 basis in joint savings accounts?
4.4. How can your company pay tax-free interest of up to £6,000 on any cash you lend to it?
4.5. Can you transfer savings to your children to avoid paying tax?
4.6. Are there any CGT implications of transferring cash savings to another family member?
4.7. What are the IHT implications of giving cash away?
4.8. How can making regular gifts help reduce IHT?
4.9. Are there any other ways to make cash gifts IHT free?
Chapter 5 - Share investments
5.1. Can you transfer dividend income to your spouse?
5.2. Can you transfer dividend income to your children?
5.3. Are there any CGT implications of transferring share investments to your spouse?
5.4. Are there any CGT implications of transferring shares to your children/grandchildren?
5.5. Are there any IHT implications when transferring shares to your spouse?
5.6. What are the IHT implications when transferring shares to your children?
5.7. Do the shares qualify for business property relief?
Chapter 6 - Children’s education
6.1. Are there any tax breaks for nursery fees?
6.2. Can you get a tax deduction for private school fees?
6.3. Funding higher education
Chapter 7 - Further income tax saving strategies
7.1. Have you claimed the marriage allowance?
7.2. The high income child benefit charge
Chapter 8 - Appendices
Appendix 1 - National minimum wage and national living wage rates 2021/22
Appendix 2 - Scottish income tax rates
Appendix 3 - Land transaction tax (LTT) and land and buildings transaction tax (LBTT)
Appendix 4 - Car benefit rates
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