If all your assets - including your home - are worth £325,000 or over, you could be caught out by Inheritance Tax. It's more and more likely that you will need to consider inheritance tax in your financial plans. Although it used to affect only the very wealthy, a general rise in house prices over the past decade means that more people have fallen into the inheritance tax bracket.
Inheritance tax is payable if the value of your estate exceeds £325,000 (in the tax year 2012/13). Tax on any part of your estate above this threshold may be charged at 40%. Your estate includes everything you own, less any outstanding debts, when you die. Even if you give away some of your assets during your lifetime, such as property or money, they may still be included in your estate if they are given away within 7 years of your death.
There are ways that you can reduce the potential inheritance tax bill, or even eliminate it altogether, so do make an appointment with our team and talk to us for expert advice.
The needs and requirements of Trustees can differ from those of private individuals. The legal requirements of the Trustee Act 2000 places a duty upon Trustees to seek advice from a suitably qualified professional in respect of investments held. Do pick up the phone and talk to us, we are here to help.
"The Walker Group has worked with Dutton Moore for more than 30 years. They have acted on behalf of all the Group’s companies and the family and are trusted and highly experienced business accountants, auditors and business advisers."
Lee Davies, A.C.A, Financial Director, Walker Group
"We have worked with Dutton Moore for many years and have always received a first-rate service. The team at Dutton Moore provide us with invaluable accountancy, strategic planning and business advice as we continue to be a growing business in this region."
Simon Gibson, Director at Simon Gibson Transport Ltd, Goole, East Yorkshire
Grain merchants and farmers, Burstwick, East Yorkshire:
Jeremy Saunt, Director at Johnson and Saunt
"We have been clients of Dutton Moore for more than 20 years – they carry out all our accountancy work and business advice, their service and attention to detail is outstanding."
"Dutton Moore are an excellent provider of financial services for significant Hull based businesses such as Smales. We have worked with the firm for many decades and are guaranteed sound financial and business advice, alongside the general accountancy services that they provide. What is key for my Company is the direct involvement of the partners with the Smales management."
Robin Orr B.Com; C.A; C.T.A, Financial Director, F.Smales & Son (F.M.) Ltd, Hull
"Having worked with Dutton Moore for many years now, we have always found the service extremely professional, prompt and courteous. As a growing business over the years their advice has been exemplary and without their valuable assistance in accounting and strategic planning we would have found the many transitions of growth a lot more challenging."
Richard Spencer, Commercial Director, Spencer Signs Ltd, Hull
Dutton Moore Chartered Accountants and Business Advisers were delighted to sponsor the kit for the First VII netball team of Hymers College as they successfully competed in a regional school’s netball tournament. Supporting local teams, especially sporting teams, is important to all at Dutton Moore – and as such the accountancy practice were pleased to support...
The Chancellor of the Exchequer's budget is set against a very challenging economic backdrop with a looming general election. The £400 billion bill for Covid and £100 billion bill for employment and energy support packages plus other financial headwinds (including much higher interest rates etc flowing from the discredited strategies pursued by the previous Prime Minist...
A round-up of todays’ Autumn Budget from Chancellor Jeremy Hunt, from Managing Partner Tony Bullock... The Chancellor sought to present a more upbeat assessment of the economy even than comparatively recent statements allowed, perhaps with the forthcoming election in mind. Included were some rather unexpected taxation changes, however, most major tax thresholds ...