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We offer a range of high quality accounting, financial and business services in and around Milton Keynes.

Does your estate planning pass the test?

At B2B Business Advisors Limited we can help people in the Milton Keynes area with inheritance tax planning and estate planning. Here are some useful pointers...

It is never too early to plan your estate. If it is large, it could be exposed to inheritance tax at 40%, and if it is small, advance planning can help you ensure that your assets will go to your chosen beneficiaries.

Making a Will

Estate planning begins with the following decisions:

  • Who will inherit your assets?
  • When should the recipients receive them?
  • What limitations will be placed on the recipients?

A Will should also stipulate who is to be your minor child(ren)'s guardian. Although making a Will makes your decision legally binding, the Will can be amended any time you change your mind.

Where should you begin?

Start by completing the following survey. Every 'no' answer indicates an area where estate planning issues should be addressed.

Print
Will survey Yes No
Have you made a Will?    
Has your Will been safely lodged so that others can access it after your death?    
Does your Will name a guardian for your children if both you and your partner die while they are still in their minority?    
Have you considered how to fund the inheritance tax liability?    
If you die suddenly, will your executors be able to locate all your records easily?    
Do you have medium-term and long-term financial objectives?    
Do you know the present value of your estate?    
Are you comfortable with the executor(s) and trustees you have selected?    
Have you arranged your affairs to take advantage of the NIL rate band and the inheritance tax exemptions?    
Are you sure you have the right type and amount of life assurance?    
Have you considered a trust to prevent assurance proceeds from being taxed as part of your estate?    
Have you considered making gifts to family members that take advantage of the inheritance tax and capital gains tax exemptions and reliefs?    
Are you sure your estate plan is up-to-date and takes into account all your personal wishes and all your potential tax saving strategies?    
Have you considered how inheritance tax will affect your business?    
Do you know what will happen to your business if you die?    
Do you know that business assets can be given away without your having to pay capital gains tax?    
Do you know how to give away business assets free of inheritance tax?    
Have you considered the use of trusts in estate planning?    
Do you know the intentions of relatives with substantial estates?    

SEEK OUR ADVICE FOR EVERY 'NO' ANSWER

If you are in the Milton Keynes area and would like advice on inheritance tax planning and estate planning, please contact B2B Business Advisors Limited today. We will be delighted to assist you.

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The latest news

Keep up to date on the latest from the world of business and tax with our daily news stories.

21 May 2019

OTS calls for review of PAYE system

In a new report, the Office of Tax Simplification (OTS) has called for the Pay as You Earn (PAYE) system to be reviewed, to ensure tax agents can 'see relevant client information' and 'access a number of key services'.

20 May 2019

ATT suggests couples 'could be affected' by increase in stamp duty for non-residents

The Association of Taxation Technicians (ATT) has suggested that couples in England and Northern Ireland could be affected by a proposed increase in stamp duty for non-UK residents purchasing residential property.

17 May 2019

CBI calls for UK firms to 'improve people management practices'

A report published by the Confederation of British Industry (CBI) has suggested that UK businesses could potentially add up to £110 billion to the UK economy by 'improving their people management practices'.

16 May 2019

Welsh taxpayers urged to check payslips following income tax code mix-up

Following an income tax code mix-up, HMRC has urged Welsh taxpayers to check their payslips to ensure the correct amount of tax has been deducted by their employer.

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Chartered Tax Adviser

Registered in England, Company Registration number – 7906656. Registered Office – 58b High Street, Stony Stratford, Milton Keynes, MK11 1AQ. Registered with the Chartered Institute of Taxation as a firm of Chartered Tax Advisers. Registered to carry out audit work and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.