Tax for Individuals

Tax planning

We can provide advice on structuring your affairs to maximise the available tax reliefs and exemptions.

We can advise on the following:

Inheritance Tax

• The Nil Rate Band, transfers between spouses, and the new “Residence Nil Rate Band” for your home.
• Making lifetime gifts, including gifts out of surplus income.
• Charitable Exemptions and the reduced rate of tax.
• “Business Property Relief” – if your business is structured correctly you can claim 100% relief on its value.
• “Agricultural Property Relief” – for farmers and owners of agricultural property to ensure that the agricultural operations can continue without assets having to be sold to pay tax.

Income tax

• Ensuring that your income is being received tax efficiently.
• Preparing your tax return and submitting it on your behalf

Capital Gains Tax

• Reporting any gains
• Reliefs on gifts of a business.
• Reliefs on gifts to Trust and using Trusts for tax planning.
• “Entrepreneurs Relief” on the transfer or sale of a business.
• Business “Rollover Relief” – selling one business and setting up another to ensure that an unforeseen tax bill doesn’t set back the success of your new business.
• Maximising the use of capital losses and annual exemptions.
• Reliefs in relation to your property interests.

If you’re a landowner, farmer, entrepreneur, estate owner or international client, we have the expertise to ensure that your personal and/or business assets are preserved for the future.

We’ll work with you and your other advisers to ensure that all available tax reliefs apply and guide you through both legal and tax considerations when making plans for the succession of your business.

Property tax

Our experienced team can provide advice and guidance on a range of tax issues that are faced when buying, selling or owning a property whether residential or commercial including:

• Land and Buildings Transaction (LBTT) and Additional Dwellings Supplement (ADS) on purchasing a property.
• Tax-efficient structuring of property acquisitions.
• The availability of Principal Private Residence relief and making effective elections where an individual has more than one residence.
• Capital Gains Tax planning for the disposal of properties
• Calculating the tax due by UK resident taxpayers on the disposal of residential properties and completing the necessary Capital Gains Tax return.
• Gifting property to the next generation.
• Maximising Inheritance Tax Business Property Relief (BPR) on businesses owning residential property in addition to trading activities
• Operating Non-Resident Landlord Scheme and preparing tax returns for landlords who are not living in the UK
• The Non-Resident Capital Gains Tax regime including quantifying the gain on disposal and filing the necessary return with HMRC.
• Taxation of Offshore Trusts owning UK property – IHT ten year charges
• Annual Tax on Enveloped Dwellings (ATED) and preparing ATED returns for residential property owned by a company.

Tax disputes

Tax laws are complicated and disputes with HM Revenue and Customs (HMRC) are increasing.

We have extensive experience in this area, particularly in relation to reviewing farming or business enterprises to check they qualify for the Inheritance Tax reliefs that are available. We also negotiate with HMRC on the availability of these reliefs and confirm the correct amount of tax that you should be paying.