Private Client Services

When you’ve worked hard for your wealth, you undoubtedly want it to last for generations.

Robust estate planning can have a huge impact on a family’s long-term prosperity, security and peace of mind. At the heart of that planning is a rigorous review of the objectives of the family and how those objectives can be met. An important cog in that process is to look at the potential Inheritance Tax liability and how it might be reduced, as part of meeting the overall objectives.

Sometimes, putting a few simple measures in place is all it takes to reduce your Inheritance Tax. For business owners, making the most of relevant available reliefs can make a big difference in helping to pass the family enterprise down the generations.

From lifetime giving to trusts, we can help you maximise your asset protection and minimise your Inheritance Tax in a variety of tailored ways.

Whatever your situation in terms of inheritance tax exposure, our specialist private client services team will spend time with you and/or your family to understand your long-term objectives and plans. We offer you realistic and practical advice and work closely with lawyers and wealth managers to provide financial planning that will ensure your legacy passes on and allows you to enjoy what the future holds in the knowledge that there is a clear plan for your finances and how that value is to pass down the family, or perhaps to charities.

Forward planning is always preferable, but sometimes life doesn’t allow for that. So part of our remit could involve post-death Inheritance Tax planning. Generally, within two years of death a Deed of Variation can be prepared by a solicitor which varies a person’s Will. It might be to bypass people in the family who feel that their children would benefit more from the legacy, it might be to reflect a change in legislation that was enacted after the most recent Will of the individual. For whatever reason, a Deed of Variation can be useful to families, and we work with lawyers in agreeing the terms of such documents where relevant.

Succession planning  - For most family and closely held businesses, planning for succession is the toughest and most critical challenge they face. Yet succession planning can also be a great opportunity to maximise opportunities and create multi-generational businesses that embody the founder’s mission and values long after they are gone.

Any transition of an on-going business must preserve the continuity of leadership. Therefore, it is critical that the succession of ownership and management be perceived as a process rather than an event.

If the business of succession is not done by process, through planning; it will be done by crisis, i. e. a failure to plan, with perhaps disastrous results. Succession is a process requiring planning, teamwork, and constant re-evaluation. Our expert advisors can support your family business as it transitions.

Family business advisory  - Family businesses form the backbone of our economy and a significant part of our client base. We are passionate about helping them to grow and ensuring they thrive through future generations of management and have expert and specialist family business advisors who understand the psychology and practical methods of consulting with families in business.

We recognise that the family business has both unique advantages and challenges in achieving its goals, thanks to the complex interplay of commercial and family issues. Our approach to providing advice and support is a ‘holistic’ and practical one, and we strive to work in a way that is integral to our clients’ businesses.

Will planning -  We would always advise that you regularly review and update your Will as your family and financial circumstances change, and as tax legislation changes, in order to ensure succession and to manage your family’s IHT exposure. Our expert teams can offer advice and guidance on Will planning.

Trusts can be effectively used in estate planning for asset protection and control as well as helping with capital gains tax, income tax and inheritance tax planning. Trusts are created for asset protection for younger or vulnerable beneficiaries, who are not capable of managing amounts of wealth themselves or require additional guidance. If there are concerns that an asset gifted to an adult child might be partially lost in the event of that person, marrying and then divorcing, or if they had to declare themselves bankrupt, a trust provides alevel of legal protection. A trust can also control how assets pass within a family, say for assets to pass down bloodlines or if there might be family disputes a Will trust can ensure that assets ultimately pass down to a person’s children, and are not diverted away from those children.

Trusts can be used for planning purposes, as they can allow a deferment of Capital Gains Tax, and there can be Inheritance Tax savings too.

Trusts do bring a level of complexity, but the fact that trusts have been used by so many high net worth individuals for so many years shows the benefits of trusts and why that complexity can often be, in our view, a price worth paying.

Since September 2021, all UK express trusts, and some non-UK trusts have been required to register using the Trust Registration Service (TRS). As the rules surrounding the TRS are complex, our Private Client tax team are able to assist with any queries or concerns and we can carry out the registration process in conjunction with the trustees.

Our experts offer a comprehensive service providing advice on all aspects of tax planning and compliance for partnerships. This includes handling the tax relating to the admission and retirement of partners, property and business transactions; advising on tax issues associated with mixed partnerships and LLPs; preparing partnership self-assessment tax returns; and dealing with the allocation of taxable profits on individual partners’ personal tax returns.

We will also liaise with you and your lawyers if a partnership agreement is being prepared or amended to advise on tax matters relating to the agreement and different options available to you.

Whether you’re a business owner, self-employed or simply looking to get your tax affairs in order, our personal tax advisors are ready to take the burden off your hands.

Authoritative personal tax advice can protect your wealth and minimise the risk of an HMRC investigation, and having an expert explore your options can save money, time and stress.

Our personal tax team advise on areas such as:

• Tax-efficient extraction of profits through salary and dividend payments
• Developing a business succession plan and shareholder exit strategies
• Commercial and residential property taxation including stamp taxes, property development and investment
• Developing inheritance tax plans that make optimum use of tax relief for business and agricultural property
• Planning and optimising the use of Capital Gains Tax reliefs.

We can also prepare and submit your self-assessment tax return, guiding you through the process and advising on which tax reliefs and allowances may apply. Our specialist advisors can help with:

• Preparing self-employment and rental accounts to calculate the tax-related profit/loss position
• Preparing and submitting tax returns
• Gathering information and creating a report for the completion of any non-UK reporting as required
• Advising on any requirements to make relevant tax disclosures to HMRC, preparing and submitting the necessary tax compliance documents for individuals and trustees as appropriate.

If you’re selling, transferring or gifting assets, one tax that you need to consider is Capital Gains Tax (CGT). However, understanding the liability on a transaction and the tax reliefs available can be time-consuming and complex. Areas on which we commonly give advice include Business Asset Disposal Relief and holdover relief. Also, Capital Gains Tax returns for the disposal of residential property which have to be submitted and the tax paid within 60 days of the date of the sale.

That’s where our private client tax experts come in. We advise on all aspects of Capital Gains Tax, including property transactions, which we handle jointly with our property tax team.

For straightforward guidance and potential savings,  get in touch.

Whatever your situation, our highly qualified team of tax specialists can help. Thanks to years of successful work for our international private clients, our team have a strong understanding of the rules relating to residence and domicile, and can advise you on organising your financial affairs, increasing your tax efficiency and fulfilling your reporting obligations.

For non-UK domiciled individuals, we can advise on structuring your overseas affairs for tax efficiency, remittance basis planning, and claims and elections relating to your tax status. For UK domiciled individuals, we offer support with your UK tax compliance and filing obligations. We work closely with our international association,  Allinial, to provide a seamless and workable solution to complex situations.