Family Tax Planning

Family Tax Planning

Tax regulations change frequently, and it is essential that you update your tax planning accordingly. This is particularly crucial if you own a business, property or many assets, as failing to plan ahead could result in your offspring having to pay a large tax bill in the future. By reviewing every family member’s tax position together, you can plan how you will pass on your estate accordingly.

The Douglas Home & Co team can provide a holistic approach to tax planning by also providing support regarding wills, trusts, family investment companies, and estates. Following a comprehensive review, they can ensure your family has everything in place so you can rest assured knowing all your financial and tax planning is in place.

What is family tax planning?

Family tax planning is a method of reviewing all family member tax positions in the round. Our team will evaluate all taxes including income tax, capital gains tax and inheritance tax. By examining them all together, we can ensure your tax liability is as low as possible, now and in the future.

It is more commonly used by rural businesses such as family farms where multiple generations are working together.

Why is family tax planning important?

You can significantly reduce the amount of tax you and your children pay by planning ahead. Not only does this ensure your day-to-day tax planning is really efficient, but it also ensures the next generation is not left with an overwhelming inheritance tax bill if something happened to you.

Our tax specialists can analyse all your income streams (salary, dividends, assets, property, etc) and ensure you are making use of all the exemptions and allowances available to you.

How long does family tax planning take?

Creating the initial plan will only take a few weeks once all the relevant information is obtained and the document is flexible so it can be amended as time moves on and circumstances change. If your income were to fluctuate or your family dynamic changed then it can be edited to ensure your tax liability is minimised.

Family Tax Planning Experts

Experts in Family Tax Planning

DH&Co Directors

All six of the DHCO directors are tax specialists. With the firm’s director-led approach, each of them actively manages tax enquiries from our clients.

They have also trained the tax planning team and passed on their extensive knowledge that has been built up over 40 years of service.

“We get on well with Sheryl and the level of personal contact is very good. The team are only a phone call away and are always easy to access if we have a question or need some advice. The personal service Douglas Home & Company provide really stands out.”

– Peter Moralee Senior

Breamish Valley Cottages

Tax Planning Tip

You can drastically cut your tax bill just by thinking ahead. With careful planning, you can streamline your day-to-day taxes and avoid an overwhelming inheritance tax bill for the next generation.

Tax Insights

Latest Tax Insights

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Meeting All Your Accountancy Needs

As well as Family Tax Planning support, we also offer a range of other Tax Planning Services to meet your Accountancy needs:

Local support

With offices located across Scotland and North England, we can meet where it is most convenient for you

Industry expertise

Our specialists have knowledge spanning many different sectors including agriculture, property, hospitality and medical businesses

Director led

Our highly experienced directors are involved at all levels of the business, making sure you are getting the best service possible

Forward thinking

We take a modern and fresh approach, helping businesses think outside the box and secure exciting opportunities

Making it personal

We work as an extension to your business, getting to know your unique needs

Helping you grow

We are business development specialists, helping your business to go further

Tax Experts Throughout Scotland and North England

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