Owners of landed estates and other rural businesses face complex tax issues with the assets they own, their businesses, family transactions and divesting family wealth. Passing assets between family members is complex because of tax or family issues and, often, what is right for one tax is wrong for another.
Our aim is to help clients identify all of these issues, providing a flexible and tailored solution. Our approach allows for future changes, whether it is in relation to your family, business matters or a change in legislation.
Trusts can be effective in long-term wealth and succession planning and frequently offer reductions in a family’s overall inheritance tax liabilities.
Many landed estates use trusts to safeguard assets for future generations. We use our knowledge and experience of trusts to ensure that the complex technical requirements of trusts are met, while keeping them under review to ensure they operate in the best interest of the owners.
Trust structures provide flexible ownership solutions for families; however the family’s needs and circumstances will change over time. This, coupled with the ever changing legislation affecting trusts means you will require advisors who have a detailed working knowledge of trusts.
We have the expertise, with both UK resident and overseas trusts, and act for trustees and the beneficiaries of these structures to ensure that new, as well as long-standing trusts operate effectively for all concerned.
Our experts not only advise trustees, they also act as trustees for some clients. This means that we understand the needs of trustees particularly well.
Business planning & diversification
Many estates are now looking to introduce diversified enterprises to increase income streams. This brings new challenges for landowners as they are often outside their experience. We offer external guidance and practical experience to answer many questions.
Our experience with such business ventures can help you with all the key decisions, which may include:-
Should the enterprise be split into a new business structure;
What are the VAT implications; and
Will there be any impact on the current capital gains and inheritance tax position?
IHT & succession planning
Working with our clients, and other business advisers, we are able to help mitigate our clients exposure to inheritance tax arising from passing of assets through the generations.
There are several possible courses of action, including efficient wills, gifts, trusts, life assurance and structured investment plans. For most clients, a combination of these will be recommended.
Estate management & planning
Our landed estate and rural business practice provides much more than just a service of annual accounts and tax compliance throughout the UK.
We are familiar with the challenges you face and provide clients with objective input into their business. Services include:-
Preparation of business plans
Analysis of key profit margins
Annual feedback and monitoring of financial performance
Cash flow forecasting
Cash strategy & management
This is important for any business, but can be particularly important for landed estates and rural business, where wealth can be locked into assets or is generated seasonally.
Many estates suffering from cash flow problems have no margin of safety in case of unanticipated expenses. They may also experience trouble in finding the funds to meet general upkeep costs, or to make capital investments through which future revenues can be earned.
Many estates have gone through periods of change where they have been forced to diversify, particularly through the renovation of estate properties. Obviously these projects can be a significant drain on funds and can have lengthy repayment period.
Working with our clients we are able to advise on all aspects of cash management, including strategies for maintaining and growing revenues and dealing with short to mid-term cash flow shortages.