Private client taxes, often refered to as personal taxes (income tax, national insurance contributions, capital 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:
2011: Autumn Statement
Our Tax Group “A Brief Guide to...” Publications:
- Annual Tax on Enveloped Dwellings (ATED)
- Buy To Let Properties: Tax Implications
- Capital Gains Tax on UK Residential Property owned by Non-Residents
- Enterprise Investment Scheme (EIS) Relief
- Furnished Holiday Lets
- Inheritance Tax
- Individual Savings Accounts (ISAs)
- Stamp Duty Land Tax (SDLT)
- Tax For Non-Resident Landlords
- The Seed Enterprise Investment Scheme (SEIS)
- Forthcoming Tax Changes for Residential Landlords
- Pensions Guidance
- Gift Loans
- Discounted Gift Trusts