Private Client Tax

Private client taxes, often refered to as personal taxes (income tax, national insurance contributionscapital gains tax and inheritance tax) are arguably the most understood of all of the taxes, as most of the population pay some of them often and in a very visible way. Since the introduction of self assessment taxpayers need to understand these rules, to ensure correct disclosure to HMRC and to minimise their overall tax exposure.

If you are requested by HMRC, or otherwise required, to fill in a self assessment tax return, because you are self employed, a higher rate taxpayer, a director, a trustee, a property investor, or another reason, you need to make sure than this return correctly discloses all taxable income sources/gains and claims all valid tax deductions.

Specific private client tax areas which we are typically asked to advise on include:

  • Income and capital gains tax on buy-to-let residential properties,
  • Disclosure and taxation of benefits in kind,
  • Taxation of trusts,
  • Exercising and taxation of share options,
  • Income tax on pension and investment income,
  • Share pooling rules for sales of quoted shares,
  • Claiming maximum tax relief for contributions into pensions,
  • Minimising exposure to inheritance tax,
  • Other tax planning,
  • Dealing with HMRC tax enquiries.

Disclosing and then agreeing your personal tax liability with HMRC is principally achieved by the completing and submission of a self assessment tax return. Clients who are fearful that these disclosures may be investigated by HMRC may wish to consider taking out our tax investigation insurance.

Understanding this complicated tax system and paying the correct (minimum) amount of personal tax, at the correct time, disclosed through the correct mechanism, is what most clients seek. Speak to our tax technicians and put your mind at ease.

Our Tax Group Commentary on Private Client Tax Aspects of:

2017: Budget 

2016: Autumn Statement Budget 

2015: Autumn Statement | Summer BudgetSpring Budget 

2014: Autumn Statement | Budget 

2013: Autumn Statement | Budget

2012: Autumn Statement | Budget 

2011: Autumn Statement  

Our Tax Group “A Brief Guide to...” Publications:



 
Latest Blogs in Private Client Tax
 
Paul Tatum
5th December 2017 Charity Accounts: New Independent Examination Rules

  For many years now, many mid-sized UK charities have been required to subject their annual statutory accounts to independent examination. For such charities, with income within the range of £25,000 to £1m and gross assets of less than £3.26m, an independent examination is a lighter touch of independent scrutiny than a full audit. As…

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Philip Peters
26th November 2017 Buy to Let – minimising income tax

In recent years the tax system has been used increasingly to try to influence behaviour in the buy to let property market – the increases in Stamp Duty Land Tax, the restriction of tax relief for mortgage interest and the higher rate of capital gains tax for residential property sales are all examples of government…

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Jodie Tarbin
24th November 2017 Autumn Budget – Property taxes

SDLT for First time buyers – The government has introduced a new relief from SDLT for first-time buyers (in England, Wales and Northern Ireland) for all transactions with an effective date on or after 22 November 2017. The relief works as follows: £300,000 or less: no SDLT payable £300,001 and £500,000: no SDLT on the…

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Barbara Nicholas
27th October 2017 Tax Relief on pension contributions – Budget Day looms….

  At the moment, tax relief remains available on pension contributions at an individual’s top rate of tax, making pensions a very tax efficient form of investment. Especially when the new provisions for flexible access of pension funds is taken into account.   But we have yet another Budget approaching, on 22nd November, and it…

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Catherine Hubbard
5th October 2017 Simple Assessment

  HMRC have now implemented their ‘Simple Assessment’ project, where they use the information already available to them from employers, pension providers, the DWP and banks to calculate the tax for those with straightforward or ’Simple’ tax affairs, without the need for a tax return to be completed.   In theory this sounds like an…

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Barbara Nicholas
19th September 2017 HMRC advice on phishing emails and bogus contact

  I have blogged on this subject before. Unfortunately, this type of fraud is on the increase.   HMRC have published an up-dated warning with examples of bogus emails, text messages, and social media scams purporting to be from HMRC.  They also mention again bogus callers leaving messages about the need to make immediate tax…

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