Our private client tax team takes a ‘whole family’ approach, providing compliance services for each family member, as well as family trusts (if applicable) and seeking to maximise family wealth through careful structuring. All clients are offered a wealth review – highlighting tax planning opportunities and regular meetings with our tax advisers. We seek to understand your needs and aspirations to ensure advice is relevant to your personal circumstances and we keep that advice under review when your circumstances change
Working closely with investment managers, independent financial advisers and pension specialists we can offer the broad range of tax solutions we know you require. We can advise on all aspects of your UK affairs and as members of the UK200Group we are also able to work with like-minded firms across Europe (and further afield) to provide access to international advice should you require it.
“Having complete confidence in your tax adviser is imperative. Roffe Swayne provide swift, valuable, accurate and utterly professional tax advice at all times. I wholeheartedly recommend them.” (Christopher Claridge-Ware, Private client)
We are able to provide a comprehensive service advising individuals and their wider family in relation to mitigating income tax, capital gains tax and inheritance tax liabilities. By understanding your current circumstances we can use available tax reliefs and investment products to fulfil your aspirations. Income tax planning will be dependent on your personal circumstances but may include profit extraction strategies for owner managers or the use of investment reliefs.
Whilst capital gains tax liabilities are lower now than they have ever been since the introduction of capital gains tax, unexpected liabilities can arise in relation to assets held overseas and early advice in relation to any gain should be sought. There are a number of valuable reliefs which can reduce the capital gains tax liabilities or defer when the tax needs to be paid. All reliefs have a number of qualifying criteria and time limits to be complied with. So please seek advice as early as possible. Specific advice should also be sought if you are divorcing as a number of specific rules apply.
With the UK inheritance tax threshold starting at £325,000 (or up to £500,000 if the residence nil rate band is available) and a 40% tax rate, it’s unsurprising that most families prefer to plan to mitigate this cost as far as possible. There are options available to UK tax payers and asset holders but it is crucial to start this planning as early as possible and to review your requirements on an annual basis as circumstances change. Inheritance tax planning needs to take into consideration the shifting requirements of the individual and the family, such as divorce, redundancy and funding long-term care.
We can identify any of your existing assets which might attract inheritance tax upon your death and help you decide how you could reduce the liability. At this point, you may also wish to consider lifetime giving, setting-up trusts, drafting wills or life assurance or other appropriate investment products. We seek to ensure that you retain the flexibility to maintain your current lifestyle and are well cared for whatever the situation. Inheritance tax planning can also ease the burden of relatives/offspring managing estates post-death.
We will prepare a bespoke report to allow you to control your position and undertake regular reviews of your circumstances and seek further advice as necessary. We do not promote the use of tax avoidance products, but we are experienced in assisting individuals in navigating settlement of schemes already under enquiry, or where individuals are subject to Accelerated Payment Notices (APN) and Follower Notices (FN) in relation to such schemes.
It can be an exciting and daunting prospect to invest capital or savings into a project, a business or as part of your long-term wealth planning. Often, investment activity can be more complex than we initially thought, with various tax reliefs to claim, paperwork to complete, declarations to be made and then passing over the finance to the investment entity.
If you have borrowed or need to borrow for your investment, there are often opportunities to claim tax reliefs. If you need to restructure your investment portfolio to take into consideration a change of circumstances, or to release capital, then it requires careful thought to ensure you retain the wealth you have built up and potentially increase this.
Investment products including Enterprise Investment Scheme (EIS), Seed Enterprise Investment Scheme (SEIS) and Venture Capital Trust (VCT) investments, can be used as part of your income tax, capital gains tax and inheritance tax planning strategies. It is important that you understand both the tax implications and also the financial risk of such investments and we work with a number of financial advisers to support clients in making investment decisions.
Pensions might be the largest investment asset which many individuals hold. There have been a number of restrictions on available tax relief in recent years, but significant enhancements to how pensions can be accessed at retirement and bequeathed following your death. We can assist you in ensuring you maximise relief prior to retirement and how you utilise your pension asset through retirement, or as part of your overall wealth strategy.
Residence and domicile are not the same thing! Understanding the difference and how this impacts your tax position is increasingly important. Whether you were born in the UK but choose to live overseas at any time, or if you have recently arrived in the UK or plan to move to the UK. There are opportunities to minimise your tax position but a number of potential pitfalls and it is essential to take advice early and review this if circumstances change whether personal or legislative.
Whether emigrating or moving to the UK, it is also important to understand the tax position in the other country/countries in which you live, work, or hold assets and we work with our international associates to ensure we have consistent and comprehensive advice when managing relocation issues for our clients.
Our established trust, estates and executorships team will administer any trusts or estates and deal with all necessary accounting and tax reporting. Trusts can be a versatile tool for inheritance tax planning and family asset protection and we work with a number of private client lawyers to ensure your trust is structured in the most effective manner for you.
We work with clients who are dealing with the recent death of a family member or business acquaintance and may require support with inheritance tax forms and probate. For clients who are reviewing their own provisions, we can advise on the key issues to coincide with the drafting of their wills and introduce them to private client lawyers to provide comprehensive legal advice on their wills.
HMRC tax investigations can be daunting and stressful. We can advise on all types of tax investigations from full enquiries, aspect enquiries and Code of Practice 9 enquiries (where fraud is suspected) to Code of Practice 8 enquiries (primarily used for tax avoidance), discovery assessments, penalties, closure notices, accelerated payment and follower notices.
HMRC are increasingly encouraging the use of disclosure opportunities to allow an individual’s tax affairs to be brought up-to-date. We can assist with disclosures as well as with alternative dispute resolution (ADR) – the ADR mediation process can be useful in resolving long-standing disputes with HMRC.
Following the Supreme Court decision in the Rangers Football Club tax case in September 2017, HMRC are putting pressure on Employee Benefit Trusts to settle their tax liabilities including interest and penalties. We are also experienced in resolving issues associated with Employee Benefit Trust Settlements.