Impartial Financial Planners | IFA | Fee Based | Dentists | Doctors
Providing fee based impartial financial planning services, serving dentists & medics throughout the UK
Q. I am a retired dentist, and also a widow. Am I right in thinking that the recent announcements on Inheritance Tax will benefit me greatly? I would estimate that my total worth including my home is around £850,000. A. Yes you are absolutely right! It is not often that a government makes a change that will [...]
Q. My estate is valued at approximately £2m. I’m aware that there would be Inheritance Tax to pay upon the death of both me and my spouse. What action can we take to mitigate this tax? A. The point to make is that when the first of you dies there would be no IHT to [...]
Q. I have read a lot about Gordon Brown’s tax raid on pensions, and recent articles discussed that the Treasury fought for two years to prevent the publication of advice to the Chancellor given in 1997 before he went ahead. As a dentist, I started investing £1000 gross per month that very year when I started doing a lot [...]
No doubt you were glued to the television (or radio) this week for the budget? Or perhaps not, especially if you were at work. Carl Bayley of Tax Cafe has pored over the full budget report and written an overview that you’ll no doubt find a useful read. Click here for his article
So, you’re investing into Pensions and ISAs, you’ve got one or two rental properties and are on track to retire with sufficient income taking ino account all your assets. You have enough disposable income and are STILL have money left over. Now that your core financial planning is catered for and you’re taking the right [...]
In this post let’s look at setting up as a limited company (dentists) and how to convert from a partnership or sole trader status. We’ve asked Malcolm Winston of specialist medical and dental accountants UHY Hacker Young for his insight. The long awaited changes to the Dentists Act 1984 finally came into force on 31 [...]
Q. I am due to set myself up as a limited company. As I understand it a law has been passed which allows dentists to do this. Can you tell me the benefits and downsides for a dental associate, like myself, in setting up a limited company and the finances involved. As we’re not accountants, I’ve asked Arun Mehra [...]
Q. What steps do I need to take to find out my Inheritance Tax liability? A. What you need to do is: – work out your estate value, which will include any proceeds from life assurance policies that are not written under trust. – deduct any debts – take the resulting figure and deduct £285,000 (the [...]
The revenue generated by inheritance tax has reached £1.7bn in the first 6 months of this year, according to figures released by Halifax Bank. Their research also indicates that the TOTAL annual IHT revenue has increased from £1.7bn pa to £3.3bn pa since 1998, mainly because of house price increases during this period. It is [...]
The Chancellor made three important announcements in the last Budget regarding inheritance tax. Let’s take a look at the impact of these and what action you can take: (i) the nil-rate band, the starting threshold for inheritance tax, will increase in stages to £325,000 for tax year 2009/10. For tax year 2006/07 it is £285,000. (ii) the current [...]
