I am thinking of retiring, what do I need to do first?20/01/20
The latest figures from HMRC show that Inheritance Tax receipts have increased by £164 million in the 2018/19 tax year, reaching an annual total of £5.4 billion. This highlights why planning for retirement is absolutely essential. Deciding when to retire is a decision that shouldn’t be taken lightly and one which needs thought and advice from a variety of people.
Start with the balance sheet. Add up all your personal and business assets and subtract all your liabilities, this will give you a net worth. Now sit back and forget the numbers. Think about what you want from your retirement. Where do you want to live? What do you want to do day to day? Do you have any plans to pass the farm or inheritance onto the next generation?
You have now gathered all the facts and set some aspirational goals. You have a start and finish to your journey, so now it’s time to plan that journey in the most efficient manner. This is where a rural chartered surveyor or land agent can add significant value to your plans. A land agent is used to managing assets for clients on a day to day basis, while ensuring they are meeting the clients’ long- term goals. Land agents have a very detailed knowledge of asset values and their earning potential, coupled with a broad range of tax and legal knowledge. This will ensure that you seek the correct advice from accountants and solicitors at the right time. Accurate instructions to other professionals saves them time and you money.
The property expert will be able to sit down and help you to make a basic plan and identify areas where you would benefit from expert advice. This might include specialist tax advice or the creation of trusts and wills for example. Get in touch with the Forge team to see how we can help.