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
 
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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Jeannette Hume
18th September 2017 R&D Tax Relief: HMRC publish take-up report.

R&D tax relief, to provide government subsidies to those companies that develop innovation products, services or systems, has been with us for 17 years now. The latest HMRC R&D tax relief take-up report, encouragingly, shows that the following recent improvements to the scheme have increased the amount of tax relief claimed by 22% over the…

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Richard Alecock
12th September 2017 Childcare Services compensation

  The government are offering compensation to those who have been affected by problems with the implementation of Tax-Free Childcare. Individuals who have been affected may be able to get a government top-up as a one-off payment for Tax-Free Childcare. The government will also consider refunding any reasonable costs directly caused by the service not…

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Jodie Tarbin
6th September 2017 Bank of Mum and Dad!

  A parent with spare funds to invest may like to consider purchasing a property for their student son or daughter to live in whilst at university, in order to save on student accommodation costs.   We recently advised a client that, so long as their son or daughter lives in the property as his…

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Donna Gidney
31st August 2017 Caution over 2016/17 P800 tax calculations issued by HMRC

If you are employed or getting a pension, HMRC will check that you have paid the right amount of tax for the tax year.  If you have under or overpaid, they will issue a P800 tax calculation.  The calculation is broken down into various sections to show your income, deductions, tax allowances, and the tax…

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