Wills and Inheritance Tax

Death is inevitable! Inheritance tax can be minimised and in many circumstances be avoided altogether by the use of tax efficient wills. The cost for preparing these wills is nominal. If prepared correctly and in conjunction with specialist tax planning, so called death taxes can be avoided.

Where there's a will theres's a way to leave your assets to your familiy-not the tax man.

You can't rely on the intestacy rules to make the right financial provision for your family-or save you tax. That's why eveyone needs a well-drafted will. With today's high proprety prices, inheritance tax is a growing concern.

Inheritance Tax

Large house price rises over the last few years has meant most people's estates will result in a tax liability, unless immediate action is taken.This potential damaging inheritance tax liability can be minimised and in some cases removed altogether by relatively straight-forward tax planning. Most family homes pass to a surviving spouse without attracting Inheritance tax, but it is not a complete exemption-liability is merely deferred until the death of the survivor. The ideal situation would be to make gifts and bequests to the value of the nil-rate band on the first death, thereby reducing the estate by £250,000, but this may only be possible on larger estates with more liquid funds, wher the home is not the main asset.

In many cases a tax efficient Will can result in any potential tax liability being completely removed. They can be designed to withstand political party changes.

There are many tax avoidance schemes available at the moment, it is important you understand any scheme you plan to undertake fully as you may need to be proactive to any changes in the law. A simple rule to remember is that couples have two inheritance tax nil-rate bands and these can be legally used to your advantage in the majority of cases.

Demack Accountants strongly advise you to begin your inheritance tax planning right away by contacting us for an estate tax planning review.





Want better TAX ADVICE for 2024-5?

Setting up in business | Legal Compliance | Keeping informed | Planning for profit | Raising finance |
Managing growth | Buy, sell or merge | Minimising tax | Agreeing tax liabilities | Tax Rates 2017/2018 |

What Are The Benefits For You Demack?

  • Most business owners are facing challenges in these harsh financial times. We are passionate about your business and finding not only solutions to these challenges, but also to help you progress, grow and, most importantly, keep more of what you earn.
  • Despite the economic downturn our Top 15 customers have increased their combined net worth by 79% and are still growing!
1-3: Compliance work

Regular visits of at least three times a year

Deeper knowledge/understanding of business

We are interested in being closely associated with your business

So you get peace of mind from knowing someone is paying close attention to how your business is running the whole year and not just when the accounts need doing.

We will show you the valuable insight that can be gained from the analysis of your accounts.

Helping you understand your accounts so you can spot potential opportunities or danger areas much more quickly, helping you plan your cash flow more accurately.

And giving you guidance on how you can improve your profitability.

So you know book-keeping and accounting systems are working through the year so preventing any nasty surprises at the end.

You can get a lot more out of your accountant than compliance work.

4: Pushing for Profits

Forecasts to implement the four ways to grow

Using the details of your accounts

Pushing for Profits workshop

Time away from working IN your business to work ON your business allowing you to focus on its true potential.

By using the four ways to grow model you will be able to set a specific action plan to develop your business over the coming financial year to maximize your profit margin.

From our knowledge of your accounts we can create accurate forecasts that plot the best way to grow your business by highlighting the areas with the most potential for increased profitability.

5: Taking Financial Control

Monthly accounts


The monthly reviews of the taking financial control programme will keep you focused on your financial and tactical goals and keep a focused eye on profitable opportunities.

The programme will make sure you have the ALL information you need to allow you to feel confident in all the necessary financial and tactical decisions you will need to make.

It will also make sure you are within or beating your cash flow, balance sheet and P&L forecasts helping you make the most of the money you have and stop unnecessary wastage.

6: Planning For Growth

Development of Business Plan

Helping you keep more of what you earn

Tax mitigation

All good businesses have a robust plan for the future. The Planning for Growth process helps you to construct a solid vision of the direction and growth of your business.

From this strong relationship and in-depth understanding of your company you can develop long term strategies which include tax mitigation planning.


Contact Demack Accountants

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Our Services

Business start-ups, Accounts Preparation, Tax Planning and Advice, Tax enquiry and investigations, Personal & Business Taxation including Income Tax, Self Assessment Tax, Coming into/Leaving the UK, Inheritance tax, Capital Gains Tax, Corporation Tax, National Insurance, PAYE, Value Added Tax Advice and Company Secretarial services

What a Demack Chartered Accountant can do for you? Call +44 (0)20 784 1122