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
 
Mark Burrows
16th August 2017 Do Company Directors have to file a Tax Return?

    The First-Tier Tribunal recently decided that HM Revenue & Customs were wrong to assume that all Company Directors are required to complete a Self Assessment Tax Return (Mohammed Salem Kadhem v HMRC). The taxpayer appealed against HMRC penalties for failing to submit his Tax Return because he owed no tax – the only…

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Jodie Tarbin
10th August 2017 HMRC’s latest update confirms acceptance of tax calculations from agents

  HMRC’s latest Agent Update announces their plan to withdraw paper copies of the SA302 (for mortgage application purposes) for taxpayers whose self-assessment tax returns are submitted by an agent.  This will take effect from 4 September 2017. To date we have been calling HMRC in order to obtain a paper copy of a client’s…

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Barbara Nicholas
10th August 2017 HMRC scam alert

  A number of our clients have been on the receiving end of bogus calls/emails purporting to be from HMRC – either threatening legal action for unpaid taxes or offering refunds. Our experience is that these can be very well drafted and the telephone scams in particular have fooled a couple of our clients, one…

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Barbara Nicholas
30th June 2017 Non-Resident Capital Gains Tax Returns – penalties eased

Since April 2015 non-residents selling UK residential property have been required to report the disposals within a Non-resident Capital Gains Tax return within 30 days of the conveyance.  You can view HMRC’s guidance here The timeframe is very tight – some may think unreasonably so, especially since many individuals are unaware of this requirement until…

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Richard Alecock
30th June 2017 Setting up your ‘Personal Tax Account’

As part of the move from Self-Assessment to Making Tax Digital (MTD), HMRC are encouraging taxpayers to set up their ‘Personal Tax Account’. Once MTD is underway, the Personal Tax Account will be populated with taxable income from various sources, including employment/pension income, bank and building society interest, and dividends from quoted companies. The account…

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Neil Groom
27th June 2017 A taxing calculation

Calculate your own tax… The introduction of the so-called dividend and savings allowances from April 2016 was intended to reduce the tax liability for taxpayers with modest dividend and interest income, possibly removing them from the need to prepare a tax return altogether. For other taxpayers however, the interaction of these changes, together with the…

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