Expert Witnesses – Divorce

At Bracey’s we offer specialised tax guidance to couples undergoing divorce to assist in ensuring a fair and tax-efficient division of assets.

Navigating Divorce Tax Implications

Navigating a divorce involves not just a significant emotional toll but also potentially complicated financial considerations that can impact your future. When untangling the complexities of the situation, it’s easy to overlook the potentially significant tax implications involved.

What Are the Implications of Divorce on Tax?

Marriage has a number of tax benefits, which on divorcing, a couple are no longer entitled to. Government legislation provides some exemptions and understanding the rules here is vital to avoid incurring unwanted tax bills.

Capital Gains Tax (CGT): Timing matters when transferring assets between spouses, with partners needing to have lived together within the last three years for a transfer of assets or funds to be exempt. Seek early advice to mitigate CGT liabilities and optimise asset distribution. In a divorce situation the accountant should analyse potential CGT implications to assist in ensuring a fair asset division.

Main Residence Exemption: Understanding CGT exemptions for the family home is essential for tax-efficient asset distribution. A tax accountant can provide insights into maximising CGT exemptions and minimising tax liabilities related to property transfers.

Inheritance Tax (IHT): Navigate IHT implications to ensure compliance and minimise tax liabilities post-divorce. A tax accountant can offer strategic advice on IHT planning and utilising available exemptions for divorcing couples.

Income Tax Considerations: Anticipate tax consequences of asset transfers and maintenance payments to avoid surprises. An accountant can provide comprehensive guidance on income tax implications, helping both parties to make informed decisions during divorce proceedings.

Bracey’s Services

Tax Assessment and Mitigation: Bracey’s analyse tax implications, providing strategic guidance to ensure fair asset division. Our experts assess potential tax liabilities and offer tailored solutions to mitigate tax burdens.
Impartial Representation: We offer unbiased tax advice to both parties, where there is not a conflict of interest, facilitating an amicable resolution. Our impartial approach ensures fairness and transparency in tax matters related to divorce.

Impartial Representation: We offer unbiased tax advice to both parties, where there is not a conflict of interest, facilitating an amicable resolution. Our impartial approach ensures fairness and transparency in tax matters related to divorce.

Strategic Relief Application: Utilise tax-efficient strategies to minimise tax liabilities and optimise asset distribution. Our team identifies opportunities for tax relief and implements strategic solutions to maximise tax efficiency for divorcing couples.

Divorce can significantly affect your financial future. Choosing Bracey’s means partnering with a team that is committed to protecting your financial interests during and after the divorce process. Working as partners, we will help to anticipate and address tax implications early in the process for a smoother transition.

Our proactive approach will help you navigate tax complexities with confidence and peace of mind. Our accountants blend meticulous financial scrutiny with compassionate service, understanding the emotional weight of the decisions being made.

If you’d like to learn more about how Bracey’s can help you and your business we offer a free 30-minute consultation for us to better understand your situation. This 30-minute free online consultation gives you time to let us know more about your needs to see if our services are right for you.

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What our clients say

« Bracey’s have provided us with a whole host of advice – personal tax, PAYE, R&D claims, Corporation Tax, payroll & pensions. As with a lot of businesses, we have randomly been selected for a VAT enquiry from HMRC. This can be quite a daunting occasion for a small business but the team from Bracey’s attended our offices to offer HMRC any information they needed and they conducted themselves in a capable, unfazed manner «

Managing Director, Hertfordshire Technology Firm

« Bracey’s have dealt with a number of areas as part of my tax return including foreign exchange income, online sales, buy to let income, VAT registration, advice regarding companies house and everything else in between. Nothing has been too much trouble or too complicated. «

Gerard Sandford, LLP

« Bracey’s have been instrumental in streamlining my invoicing procedure, they are speedy with their responses, friendly and always extremely patient; which if you knew me, is really needed! Braceys have provided me with accounts/tax/invoicing and all the usual; but on top of this, advice on a whole manner of situations that arise in my business. «

Jim Erwood - Founder - Extra Time Management Ltd
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