A tax accountant in Banstead does more than handle taxes each year. However, that is one of the main reasons people hire them. Here are the benefits of working with a professional:
Tax Returns
Ultimately, an accountant can fill out the forms needed to complete your tax returns. Still, they will also help with taxation planning, ensuring that you know of all the opportunities available to reduce your personal liability. Then, they can use that information to create wealth strategies using your profits.
Capital Gains Tax
Another issue you might face is capital gains tax. If you resell non-inventory items, you may have to pay this if the original cost of the purchase was lower than the amount received. Typically, this focuses on stocks, property, and bonds because they can see a higher value in time.
Did you know the standard rate for capital gains tax could be up to 18 per cent? Selling multiple assets for a profit could take a large chunk of that amount.
Inheritance Tax
If you build up a large estate, your beneficiaries could lose much of it to inheritance tax. The standard rate is 40 per cent, which they must pay on any amount over £325,000.
Since many people are accumulating more wealth and want to pass it on to their heirs, it’s important to work with a tax accountant in Banstead to create a financial plan that meets your changing needs.
David Beckman & Co Ltd is an excellent choice when you need a tax accountant in Banstead. The professionals here will consider your assets, interests, and much more to create a plan that fits your needs.
