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Tax Saving Tips for Married Couples and Property Owners

Tax-Saving Tips for Married Couples and Property Owners

Navigating the complexities of tax can be daunting, but with the right guidance, you can make informed decisions that can save you money and provide peace of mind.

Whether you’re optimising rental property taxes, planning for inheritance, managing capital gains, preparing for an international move, or maximising your pension contributions, our expert team is here to assist you every step of the way

Explore our quick tips below, and don’t hesitate to contact us for tailored advice.

Optimise Rental Property Taxes for Married Couples

If you’re married and own a rental property, you can potentially reduce your tax burden if one of you is taxed at a higher rate. By shifting some beneficial interest to the lower-taxed spouse, you can save on taxes. This transfer is free of Capital Gains Tax if you are married and can be free of Stamp Duty Land Tax (SDLT) if managed carefully regarding any mortgage on the property. Remember, tax is based on beneficial ownership, not the legal title, so changes at the Land Registry may not be necessary. Ensure the property is held as tenants in common; if not, we can help you make that adjustment. Contact Gander Tax Service to explore how you could benefit from lower-taxed spouse.

Please note: Legal principles need to be applied to each specific scenario. This tip does not constitute formal advice and should be applied only with professional guidance.

Inheritance Tax Planning: Not Just for the Elderly

Inheritance Tax (IHT) planning is crucial, regardless of age or health. It’s important to keep your Will up to date, especially during significant life changes like having children, retiring, or becoming a grandparent. Various tax planning strategies can be incorporated into your Will to save taxes and protect your family against future changes. Trusts and legacies can offer additional protection. For a review of your Will and current IHT exposure, feel free to contact us.

Navigating Capital Gains Tax on Property Sales

Selling a residential property in the UK may require completing a UK Capital Gains Tax (CGT) return. This is separate from a self-assessment tax return and must be filed, along with the CGT payment, within 60 days of completion. Non-UK residents must file a CGT return even if there is no gain or tax due. UK residents need to file only if CGT is payable on the gain. Seek advice before exchanging contracts to explore any possible tax planning. We can assist with calculations, tax planning, and CGT return disclosures for individuals, estates, and trusts. Contact us for assistance.

Ensuring Smooth Tax Transitions When Moving Abroad

When moving abroad for work or retirement, ensure compliance with tax requirements in both the UK and the destination country. The UK tax year often does not align with other countries, but double tax treaties can help. While we can’t advise on foreign tax laws, we can guide you on UK tax laws and their interaction through tax treaties. Gander Tax Services can also connect you with international tax advisors and manage your dealings with HMRC to ensure accuracy. Contact Gander Tax Services with us before your move to discuss your plans and get your tax situation right from the start.

Maximising Pension Contributions Without Overpaying

Many people have a workplace pension due to automatic enrolment laws. However, if your income exceeds certain thresholds, you could face unexpected tax issues. In the UK, you can get tax relief for contributions up to your net relevant earnings each year or £3,600 if your earnings are less. For tax relief, there’s also an annual allowance, currently £60,000, which can be carried forward for three years. This allowance will be reduced if your income exceeds certain limits but won’t drop below £10,000 in 2024/25. Over-contributions may require clawback through self-assessment. We can calculate pension allowances, compare them with contributions made, and handle necessary disclosures to HMRC. Contact us if you have concerns about over-contributing or want to maximise your allowances.

Speak to Qualified Chartered Tax Advisors in Hampshire

For personalised assistance,  contact Gander Tax Services, your Chartered Tax Advisors in Petersfield. Our tax planning solutions are bespoke and tailored to your individual circumstances. There’s no obligation to proceed with our services after the initial meeting, and all work is quoted upfront.

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