Advisory

We can assist with all capital gains tax scenarios, including 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.

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 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.

If you are coming to live in the UK and are not domiciled here, there are a variety of tax reliefs available to prevent your offshore income or gains from being subject to UK tax.  The application of these reliefs is complex and requires careful planning prior to your arrival in the UK.

If this pre-arrival planning is not carried out, valuable reliefs can be lost, and your UK tax liability could be much higher than necessary.

In addition, the planning should consider personal and business assets as well as any overseas structures held, such as companies or trusts.  Any planned investment into the UK could also attract relief so would need to factored in.

We regularly provide inbound individuals with detailed advice and planning, often working in conjunction with their overseas advisers, to ensure they are put in the optimal tax position on arrival in the UK.

If you are leaving the UK, it is important to get the right advice in your destination country.  We have links with professional advisers in many overseas jurisdictions and can make recommendations to ensure you receive the best advice possible.

We can also advise on any UK aspects that may remain once you leave the UK, particularly if you are leaving property or have investments here.

As with any move overseas, your tax issues will likely become more complex and considered advice will be needed to ensure you minimise your tax position and maximise the tax planning opportunities.

The concept of residence for tax purposes is not straightforward and definitions differ between countries.  It is possible to continue to be UK tax resident after leaving the UK depending on your remaining ties to the UK as well as the days you might spend in the UK for work purposes or visiting family.

We can advise on your UK tax residence position if you are coming to or leaving the UK and ensure that any tax planning factors that status in.  We can also advise on the number of days you should or can spend in the UK in order to maintain your UK tax residence (or non-residence) position.  This allows individuals to plan accordingly and avoid any unexpected tax consequences.

The process of asset valuation can be complicated as it requires objectivity to determine the fair market or present value. Asset valuation plays a key role for potential investors and our valuation team with their wide-ranging expertise can provide additional assurance. We have provided reports for approved share schemes to HMRC, as well as supporting partner buyouts or to aid in divorce settlements. Furthermore, we have valued distressed companies, start-ups, and many others. Using our cultivated skill set and wealth of experience, we can provide a valuation for any company, IP, or other entity.

Regardless if purchasing or selling we can provide support in the due diligence process; dependent on the level of assurance you require. This could range from a quick review to spot potential issues, or a full, thorough, assessment to ensure there are no surprises. We will consider various aspects such as personnel, equity, cash flow, assets and liabilities, to ensure you are given all the facts.

Our clientele includes a variety of start-ups, and other companies, that have required guidance in persuading investors to contribute to their vision. We can provide detailed cashflow forecasts, business plans, and other supporting documents, that will add weight and professionalism to any investor pitch.

We can assist trustees with the compliance requirements of UK trusts, including income tax filings and provision of tax information to beneficiaries following distributions from the trust.

Where the trust is based offshore, various anti-avoidance provisions exist in relation to distributions to beneficiaries (both deemed and actual) and these need careful consideration if punitive tax charges are to be avoided.  We have a great deal of experience in this area and can step through all relevant provisions with trustees to ensure adverse tax consequences do not arise.

We can advise beneficiaries on the UK tax implications of receiving a distribution from a UK or overseas trust as well as the corresponding disclosure requirements on their income tax return.

We can also help with any deemed distributions that may arise through the use of assets owned by a trust by a beneficiary.  This is a particularly complex and often overlooked area where significant tax liabilities can arise over several years if not looked at properly.  In essence, any time a beneficiary is allowed to use an asset of a trust and does not pay full market value for that use, a deemed distribution can arise which may represent a taxable receipt in the hands of the beneficiary.  Careful consideration is therefore needed, and the appropriate tax disclosures should be made.  We can also advise on the steps necessary to correct prior returns where these provisions have been overlooked in the past.