Mitigating your tax concerns

Does the thought of paying your tax bill fill you with dread? Is your annual tax assessment proving to be a headache? Confused by changes to family and child tax credits? Seeking watertight ways to minimise your inheritance and capital gains tax liabilities?

Join an ever-expanding number of private individuals and families who have offloaded their tax concerns to our personal tax advice team.

If tax savings are possible, we will find them

Our vigilant team of 15 advisers, headed by three partners, are skilled in developing strategies that will alleviate all of your short and long-term worries. Always mindful of your future, as well as tax saving opportunities, we can:

  • Advise you on the taxes you need to pay and calculate what is due
  • Prepare your personal tax return accurately and submit it on time
  • Identify allowances and reliefs, so when your bill is due, you can rest easy knowing that you are paying no more than the law requires
  • Deal with HMRC on all compliance and investigation matters
  • Organise and structure your assets, pensions and business interests
  • Proactively advise on when to time your inheritance and income distributions to reduce income tax, plus options for disposing of capital to minimise capital gains tax
  • Give practical finance guidance during a divorce or relationship breakdown
  • Explain the tax implications of your residency and domicile status

 Families in business and business owners

Do you run a business?  If you have not thought about it yet, it is never too soon to start planning a tax efficient succession and exit strategy.  Talk to our family business specialists.

How we can help

First Class Personal Tax Advice

We received a call from a lady in her 70s who had discovered her husband had been receiving letters from HM Revenue & Customs for some time but he had not been opening them. He had been a Chartered Accountant in his working life, but he was now suffering the early signs of dementia and was no longer able to manage their financial affairs easily.  His wife had never had to deal with the family’s finances and was living in a state of high anxiety about the mounting paperwork.

With his permission, we took over the administration of the couple’s finances, sorting out the tax returns and arranging for the couple’s bank account to be in both their names – allowing her to sign cheques and clear some outstanding debts.

We also determined that they were entitled to receive Attendance Allowance and helped them claim for this. We organised a Power of Attorney to be set up, enabling his wife and their children to sort out the husband’s affairs should his health decline further, and we set up a Trust with the aim of reducing the potential inheritance tax liabilities of the couple’s estates by over £100,000.

If we could be of assistance to you or your family by providing first class personal tax advice, please do not hesitate to contact our expert team

Private Client Newsletter

Prosperity Newsletter - May 2020

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