Personal and corporate tax compliance

The tax regime in the UK has changed regularly and often dramatically over recent years. Historic tax advice and perhaps the associated structuring, may no longer be effective or efficient from a tax perspective. We regularly take a fresh eyes approach in light of the current tax rules, reviewing a client’s circumstances and structures, highlighting potential solutions and opportunities.

We have significant experience advising on property and associated taxes, such as stamp duty land tax, annual tax on enveloped dwellings and capital gains tax. We advise on how residential and commercial property investments should be structured or restructured. This may involve de-enveloping properties or moving assets in or out of a trust structure, for example. We will also take care of any associated UK tax reporting requirements.

Inheritance tax is often a significant concern to many of our clients. However, succession planning can sometimes be a daunting and very sensitive subject, requiring a deep understanding of the family dynamics. Planning often also involves a compromise around tax efficiency and the desire to retain control, albeit there are effective structures available to address this issue. We have significant experience of advising families and dealing with a diverse range of backgrounds, investments and existing structures.  

The UK tax system is inherently complex and it is very easy to make mistakes or not take advantage of specific opportunities.

We always begin by educating individuals moving to the UK on the tax rules and what is required of them by the UK tax authorities. This will include considering the application of the UK statutory residence test, identifying exactly when UK tax residence might be triggered.

There may be an opportunity to rebase assets ahead of a move or a return to the UK, potentially reducing the tax burden upon a future disposal.

For non-UK domiciled individuals, we advise on the remittance basis of taxation and the steps they can take to fund their UK lifestyle tax efficiently, helping them to avoid crystallising inadvertent tax liabilities.

We assist individuals leaving the UK, helping them understand the exact date they may cease to be UK tax resident. Advising on steps to take from a UK tax perspective but also helping them decide which foreign jurisdiction they may wish to move to, considering the local tax regimes.

We have significant experience advising UK resident but non-UK domiciled individuals. This ranges from advising clients on the remittance basis of taxation to structuring their offshore affairs with the use of corporate and/or trust structures.

Advising non-UK domiciles, however, is a very complex area of tax law and one which has changed significantly over the last decade. We regularly advise individuals on their options as they approach becoming deemed UK domiciled. With the correct advice, the UK tax rules for non-UK domiciles can allow for very advantageous and effective structuring.

The sale of a business is an incredibly important point in an entrepreneur’s life, being the culmination of years of hard work. It is therefore very important to take professional tax advice to ensure the value realised net of tax is maximised.

It is also important to discuss the individuals’ intention for the realised funds, such as further investments, funding their lifestyle or putting value aside for the next generation. By considering this early in the process, it can allow for effective pre-sale structuring, enabling objectives to be achieved whilst mitigating the UK tax exposure where possible.

The consideration due upon a sale can take many forms, including cash, earn-outs, loan notes and equity. We walk business owners through these different options, educating them on the associated UK tax implications as well as the various claims and elections that they may want to consider.

With the Government debt having risen significantly during the COVID-19 crisis, we expect there to be an ever increasing focus on the UK tax authorities and the need to raise tax receipts.

Therefore, we expect the number of tax enquiries or information notices, to increase. It can be a stressful situation for the recipients and it is very important that professional advice is sought.