Individual
We act for many high-net-worth individuals, based both in the UK and overseas. We provide advice based on our intricate knowledge of their affairs to ensure it meets their specific needs. This bespoke approach ensures that we create lasting relationships with our clients and become their trusted advisers for many years.
We are experts in all areas of individual taxation and can provide advice on any area, including the main aspects listed below.
Income Tax
We can assist with your annual Income Tax filing requirements, as well as help with any amendments or disclosures in relation to prior years. HMRC is increasingly using third-party information sources to look for potential anomalies in individuals’ tax filings, and if any correspondence is received from them in this regard, it is important to act promptly to correct any errors or omissions.
We also provide advice on matters such as tax reliefs, tax-efficient investments (such as EIS and SEIS), and pension contributions.
We are also experienced in advising on structures for investments, such as family investment companies (“FICs”). FICs present an opportunity to ensure that future investment growth and income can be shared within the family and passed tax efficiently between generations. They have become increasingly popular in recent years following the restrictions on the use of trusts through changes to tax legislation.
Capital Gains Tax
We can assist with all capital gains tax scenarios, including the disposal of property or investments.
If you are selling a residential property that hasn’t been your primary place of residence, it is important to carefully consider the amount of gain that may be subject to tax, and what additional reliefs may be available to reduce the tax exposure. Our tax specialists are fully equipped to help with this process.
We can also provide advice on Business Asset Disposal Relief (“BADR”) (formerly Entrepreneurs Relief), but prior to any sale and post-sale. If you are considering selling the shares in your company in the future, it is important to consider the BADR rules to ensure that any pre-sale planning can be undertaken to maximise the relief and minimise the potential tax liability arising.
Inheritance Tax
We can advise on both inheritance tax planning as well as probate matters and the tax affairs of an estate.
Inheritance tax planning is complex and requires a tailored approach based on individual circumstances, including the size and complexity of the potential estate, future plans and wishes, and life stage. We ensure we fully understand all of these aspects before providing our advice and recommending a course of action. It is also necessary to regularly review any planning over the years to ensure that it is still fit for purpose. In many cases, as circumstances and priorities change, so to does the required planning and it is therefore necessary to view inheritance tax planning as an evolving process rather than simply as a one-off event. We help our clients navigate through this in all phases of their lifetime.
We are experienced in all aspects of tax compliance required for estates during the probate period and can work closely with the executors to ensure that matters are settled smoothly and efficiently.
