Private Client Tax Planning

Traditionally, tax planning is the service clients most like to receive and the most satisfying for us to deliver.

Typical areas where a little prior tax planning can result in minimising your overall tax leakage are:

• Inheritance Tax:

  • Will drafting,
  • Lifetime gifts,
  • Transferring assets into trust. 
  • Managing whether a company qualifies as a business asset or investment asset for inheritance tax business relief purposes/.
  • Restructuring shareholdings (including converting a business into a Family Investment Company).
  • 11th hour planning,
  • Reviewing whether a post death deed of variation would be advantageous.

• Capital Gains Tax:

  • Elections on second (including holiday) homes,
  • Business exit planning,
  • Negligible value claims on private and/or quoted equities,
  • Rolling over business asset sale gains into new business assets,
  • Holding private company shares within an EIS or SEIS tax wrapper.

• Income Tax/NIC:

  • Remuneration planning for the SME owner manager, including tax free benefits in kind,
  • Holding investments in tax efficient ISA/Pension/SPV ‘wrappers’,
  • SA302 elections, to minimise payments on account,
  • Business use of vehicles,
  • Salary sacrifice,
  • Pensions and retirement,
  • Maximising entitlement to state pension,
  • Use of overdrawn directors loan accounts (and s455 tax)

As well as making sure the tax returns we prepare and advice we give is in accordance with tax legislation, statements of practice, extra statutory concessions and HMRC manuals, we will also be mindful of opportunities presented from relevant case law:

Useful precedents   Quinn (R&D Relief) | May (Capital allowances) | Daniels (IR35) | Anderton (Business asset roll over relief) | Foulser (Share valuation discounts) | Ames (EIS) | Phillips (Business property relief)

Agreeing your business tax liabilities with HMRC is principally achieved by completing and submitting the relevant ‘Self Assessment’ tax return.  Clients who are fearful that this ‘disclosure’ may be investigated by HMRC may wish to consider taking out our Tax Fee Protection Service.

Get In Touch

Contact your local office and ask us about our Tax Planning Services today!