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
 
Barbara Nicholas
13th March 2017 Pre 5th April Tax Planning

Income Tax Married couples – consider transferring assets between spouses, to ensure income is taxed at the lowest marginal rate, Let properties – if you let property in need of re-decoration, repair, etc, consider bringing forward expenditure to accelerate tax relief, Family businesses – consider employment of spouse or increasing the employed spouse’s earnings, to…

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Philip Peters
24th February 2017 Renewal Premiums

Tax Investigation Insurance: Premiums for 2017-18 policy year. Prices unchanged from the previous year:   Limited companies with turnover >£20m                    POA Limited companies with turnover £10m to £20m     £540 Limited companies with turnover < £10m                   £185 Partnerships and LLP’s                                                     £155 Sole traders                                                                         £100 Private clients                                                                       £40 Our tax investigation insurance business is…

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Barbara Nicholas
2nd February 2017 Beat the Budget

Wed-8-Mar-17: Consider Advance Pension Contributions? Another budget looms, on 8th March. Tax planning would be much easier if we all had the benefit of a crystal ball, but we don’t.   We expect that there will be some announcements in the Budget surrounding Making Tax Digital and the promised review of the R&D regime, but…

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Paul Jefferson
1st February 2017 VAT on Self-Builds

DIY Builder VAT Reclaims:  Get the detail right. A recent tax tribunal case highlighted the point of completion of a new build project in relation to DIY builder VAT claims. It noted that it is not necessarily the date on the Certificate of Completion which represents a building project as being finished. The Certificate can…

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David Salmon
29th January 2017 Tapered Annual Allowance

Pension Contributions: Maximum now restricted by tapered annual allowance. The annual allowance is the maximum value of pensions savings that you, your employer and other third parties can pay into your pensions each year without incurring a tax charge. The standard annual allowance for the 2016/17 tax year is £40,000. If you are a high-income individual…

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Andrew Winearls
28th January 2017 State Pension Entitlement

Voluntary Payment of Class 2 NIC by Self-Employed: Protect your state pension ? Self-employed individuals and Partners in trading Partnerships now pay class 2 national insurance contributions annually on 31st January following the end of the tax year through their Self-Assessment Return. Prior to 5th April 2015 those on low incomes had to pay Class…

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