Personal UK tax Compliance Services

Ensuring that you are up to date with your tax filing obligations can be a minefield. Penalties arise for getting it wrong. We can assist with the majority of the required annual tax return filings. This includes trust and estate returns, Forms 50FS for offshore trusts, Inheritance Tax returns, and also ATED filings.

We help ensure all required filings are identified and prepared correctly – and on time. This helps you to avoid unnecessary issues.

Where things have got a bit behind and there are filings outstanding, we can also help you get up to date with HMRC in the most straightforward and hassle free manner.

Review of existing offshore structures such as trusts and the related obligations

In the current climate of changing tax legislation in connection with the holding of offshore assets, it’s vital to understand the treatment for UK tax purposes.

Any company, trust, or other offshore structure needs to ensure that they meet your objectives and remain appropriate in your current circumstances.

It is also important to ensure you understand the tax compliance and other responsibilities which may result. Are there changes in your circumstances, such as a resignation of a trustee, or the need to access the funds at a later date? These may have effects from a tax perspective. These should be planned for as far as possible in advance. Therefore unexpected tax issues don’t arise.

Advice in connection with establishing or breaking UK residence 

If you are planning to leave the UK for whatever reason, or are moving to, or returning to the UK, it is important to understand when your UK tax obligations start and end.

You can then plan with confidence and be aware of any steps you can easily take to improve the situation.

We can assist with these important points, by walking you through your position under the statutory residence test, split year concessions and the important factors relevant to your residence status.

For those arriving in the UK, we can help ensure that their affairs are structured in the most efficient manner. Advantage can be taken of any claims available, including claims to the remittance basis. We will also assist with the filing of the necessary HMRC paperwork to advise of a departure from, or arrival in the UK.

Advice in connection with tax efficient investing

We can advise on the best way to take advantage of the available EIS and SEIS reliefs for investments in early stage businesses and completion of the necessary forms to HMRC.

These reliefs can assist with tight budgets and be very advantageous. They can include up to 50% income tax relief and capital gains tax deferral, along with exemption on the sale of the actual shares.

We will also advise on business investment relief, which allows individuals to bring funds to the UK for investment that would otherwise be taxed if brought to the UK. Our help can include confirming that the anticipated investment qualifies for the relief and making the appropriate claims to HMRC. We will also ensure that you are aware of the conditions under which the relief would be withdrawn, so that this can be avoided.

Advice in connection with the practical implications of planning for changes in family situations or receipt of an inheritance

There are tax considerations to be aware of which arise around any change in marital status including divorce, or on receiving assets from bereavement. We can help make such issues one less thing to worry about.

Alternatively, if you wish to fund the costs of the next generation, or perhaps grandchildren, we will help by ensuring this is done in the most tax efficient manner possible.

Planning for retirement including the tax efficient drawing of pension funds

We help those approaching retirement to ensure that they draw their pension funds in the most tax effective manner. This includes advising on the lifetime allowance, where relevant protections are available.

We’ll assist where there are international issues involved, either in terms of offshore pension schemes or the intention to retire outside the UK. Additionally, we can help when some of the pension fund has been accumulated during periods worked outside the UK. We are also experienced in applying the terms of double taxation agreements between the UK and various other countries where relevant.

Advice on the implications of long term residence in the UK

When considering becoming a long term resident in the UK, you should take advice on the implementation of efficient structuring of income and assets in advance of this.

It is also important for there to be a review of the tax efficiency of investments, to ensure there are no unexpected disadvantageous tax consequences, if you are moving to the worldwide basis of taxation.

We can also advise on the implications of the capital loss election and how this may affect someone becoming a long term resident. For those becoming deemed domiciled for Inheritance Tax, we help ensure that they make the right decisions to minimise any future tax liability on their estate.