PERSONAL TAX ADVISORY SERVICES IN BROMLEY
We provide personal tax services to individuals, partnerships, and trustees including those with complex tax affairs, both resident and non-resident alike. We take pride in delivering a personalised service that is designed to match your needs.
OUR RANGE OF SERVICES
CAPITAL GAIN TAX
Capital gains tax can be complicated, with so many exemptions and reliefs available. On the positive side, this makes it possible in many cases to reduce or even eliminate potential tax liability, provided you know your way through this particular ‘minefield’.
Our specialist tax team deals with all aspects of capital gains tax, including:
Shares and investments
Revenue enquiries and investigations
ESTATE AND TRUST RETURNS
For beneficiaries and personal representatives, and trustees of family settlements, having to deal with tax returns is often a responsibility that you would prefer not to have. Fortunately, help is at hand. We have the experience of dealing with estate and trust tax matters, and we also recognise that it’s often not just a case of preparing the figures; estates and trusts can be a delicate matter and require tactful handling.
In the event of your death, your beneficiaries could pay an inheritance tax of 40% on the value of your estate above £325,000. If your estate, including the value of your home, is worth £500,000, that could mean a tax bill of £70,000. For an estate of £1m, the tax figure could become £270,000. Tailored wealth succession planning enables a smooth transition to the next generation as well as minimising tax liabilities.
We can advise:
Individuals whose estate planning is close to the nil-rate band or many times larger.
Techniques to mitigate inheritance tax on family homes, family businesses and investment portfolios.
On lifetime transfers and wills.
LANDLORD AND PROPERTY TAX
Property tax is a highly complicated area, which is constantly changing in line with Government policies, developments and reforms.
We can advise on various aspects of property tax, including:
Property ownership structuring advice
Personal tax returns in relation to rental income
Non-resident landlord registration
ATED (Annual Tax on Enveloped Dwellings) returns
Stamp duty land tax
Capital gains tax
Inheritance tax planning
PERSONAL INCOME TAX (SELF-ASSESMENT)
Our personal tax services are available both for business owners and private individuals including
· All aspects of Self-Assessment;
· Dealing with Tax Returns:
· Tax Enquiries
· Tax Disputes;
· Correspondence with HMRC
DOMICILED AND NON-DOMICILED UK
Important tax changes for non-doms
Significant changes affecting the UK tax status of non-domiciled individuals (non-doms) took effect on 6 April 2017 – and have far-reaching consequences for the majority of those who have previously enjoyed the tax breaks associated with non-dom status, regardless of whether they were initially born overseas or in the UK.
The remittance basis and the new 15/20-year rule
Under the new changes, non-domiciled individuals who have been a resident in the UK for 15 of the past 20 financial years will now be considered domiciled in the UK for all associated tax purposes, regardless of when they arrived.
This legislative change, known as ‘the 15/20-year rule’, effectively means that such individuals will no longer be entitled to claim the remittance basis for Income Tax or Capital Gains Tax (CGT) purposes. This means that those affected will be subject to UK tax on their worldwide income and gains.
Furthermore, for those who previously had a domicile of origin in the UK and later moved abroad, thus acquiring a domicile elsewhere, their UK domiciled status will be immediately reinstated if they return to the UK.
Non-doms’ residential property subject to UK Inheritance Tax
As of 6 April 2017, non-doms who hold UK residential property indirectly through an overseas intermediary, such as an offshore trust, will see such properties subject to UK Inheritance Tax (IHT).
Previously, residential property held in such structures would be overlooked as ‘excluded’, but under the new rules, such property – however held – will be within the scope of IHT. This means that UK IHT will be payable upon any significant IHT event, including a death, gift or ten-year anniversary of a trust.
Grace period for ‘mixed funds’
Non-doms with offshore funds made up of untaxed foreign income and gains will be granted a grace period of two years from April 2017’ to rearrange these mixed funds, sell any assets and separate any funds into their constituent parts of foreign income, foreign gains and clean capital. The latter can then be remitted from their segregated clean capital account in line with previous rules.
This gives an opportunity for people to reorganise their affairs to benefit more from the remittance basis where this is still available, or where it has been used previously, as those old unremitted monies remain liable to UK tax under the remittance basis, even if they are now subject to tax on an arising basis.
Under these rules, excluded property trusts can be used as an important planning tool as they will remain an effective way of sheltering assets from UK Inheritance Tax before an individual becomes domicile.
This will also apply to those who are newly ‘deemed domiciled’ under the 15/20-year rule.