If you’re concerned about just how much inheritance tax will need to be paid after you die, you may be thinking about giving some of your annual income to charity to reduce the bill.
While you’re living, you can give £3,000 away to charity each year, but with a new tax year beginning as of Tuesday, you might be afraid you missed the boat. However, it’s not too late to make a donation and lessen the amount those you leave behind will have to pay.
If you’ve missed the April 5th deadline, there’s no need to panic. Donations can still be actioned after April 6; all you need to do is request that the HMRC treat your gift as being made in the 2020-2021 tax year. You can request this when you file your annual tax return or using a P810 form. Always make sure you get all the details correct when making your request, as carry-back claims cannot be amended after you have filed your return.
If you’re seeking financial planning services in Shropshire or Chester to assist with inheritance tax concerns, we can help at Hartey Wealth Management. Our specialist team are experts in inheritance tax mitigation methods. We create financial strategies for our clients that ensure estates pass on to their chosen beneficiaries by the most cost- and tax-effective means, while making certain their financial security is never compromised while they are alive.
Contact our dedicated team today for advice and support.
