Personal tax advice
Let us guide you through the tangled world of personal tax.
Our specialist personal tax advice team process thousands of personal tax returns every year. Speak to us early for certainty and peace of mind on 0845 450 2471 or email email@example.com
Private clients now more than ever have a need for specialist personal tax advice. Global tax legislation is becoming more complicated and this coupled with evidence of a concerted effort to tackle tax avoidance greatly increases the risk of a tax investigation. With this in mind (and the stakes so high) it is important to choose your personal tax advisor wisely.
At Larking Gowen we believe we have the winning formula. A proactive approach allied to a depth of experience makes us perfectly placed to provide for all your wealth management and tax planning needs. Our personal tax team can advise on a multitude of areas and working with you will understand your objectives and devise the optimum solution. We do not offer a "one size fits all" approach. What we do offer is the tailored, high quality tax planning support you need which can help to reduce your tax, protect wealth for you and your family and manage the risk of non-compliance.
Our personal tax team works with a broad spectrum of clients across East Anglia from our nine offices including Ipswich, Colchester and Norwich, offering compliance and advisory services to a significant number of individuals, trusts, and businesses including non-UK residents and expatriates. Our experience means we have a deep understanding of the all issues across the full range of taxes.
Our personal tax team guarantees a professional, bespoke service that will help you to quickly solve tax issues, delivering the advice and guidance you need.
Personal tax returns
We file nearly 10,000 tax returns each year for a diverse range of individuals and businesses, including landlords, the self-employed and people in partnership, entrepreneurs and pensioners. We use dedicated software to file returns online which does not have the same restrictions as HMRC’s own software where certain people find they are unable to use it (including those in receipt of trust income and non-residents).
Our compliance service is not about "process". We provide an all year round personal service which includes the completion and filing of accurate tax returns without overlooking the important issues which can affect you personally and can impact on your personal wealth. Our service is not about merely satisfying HMRC’s requirements and compliance with obligations, it’s about proactively making sure you are aware of the tax planning opportunities to maximise your wealth.
Over the next few years personal tax returns will go through a major transformation as part of the HMRC campiagn 'Making Tax Digital'. For more information please see our dedicated webpage here
Capital taxes planning
Inheritance tax ("IHT")
This is an area of tax which can become very complicated and without proper planning can become a significant burden and ultimately impact on personal or family wealth. Effective planning can help minimise the tax liability.
Capital gains tax ("CGT")
The CGT rate can be as low as 10 percent for basic rate taxpayers and on certain business assets that qualify for entrepreneurs’ relief. For higher rate taxpayers the rate is generally 20 percent. When selling residential property the rates are 18 percent for basic rate taxpayers and 28 percent for higher rate taxpayers. As such the current rules mean that CGT rates are lower than equivalent income tax rates. A number of strategies can be considered to reduce or defer your CGT bill.
Residence and domicile planning
Residence and domicile is one of the most complex areas of tax legislation, which can change rapidly as cases are heard and decided in courts. Special taxation rules apply and there may be unexpected outcomes without our specialist planning.
Across the firm we act for hundreds of UK nationals who live overseas (ex-pats), and a large number of foreign nationals who now live in the UK.
We have a wealth of experience in dealing with HMRC enquiries and are skilled at negotiating settlements. Current HMRC projects include looking closely at buy-to-let rentals and undeclared income from offshore bank accounts and investments. If you have concerns we can advise and support you. As a firm we offer a Tax Fee Protection Service which covers the cost of us defending you against an HMRC enquiry, giving you peace of mind. More details of this service can be found here.
Working closely with your financial advisor we can help you to maximise your family wealth by combining our tax advisory service with the independent financial advice you will receive.
Divorce and matrimonial
When a marriage or civil partnership breaks down the last thing on your mind is the effect that the break-up might have on your tax position. The tax implications of separation can bring its own problems to an already frustrating set of economic circumstances if not considered from the outset.
To avoid a situation where the tax issues on separation or divorce are overlooked, it is worthwhile seeking sound advice. As tax experts we can work closely with you and your solicitor. Where there is a family business some careful consideration should be given as to how the business will be maintained in the future and plans made accordingly bearing in mind the tax consequences.
Trusts are vehicles that offer very good opportunities for setting aside assets for future beneficiaries in a tax-efficient way while still maintaining a level of control. For example, they can offer very useful ways of mitigating both inheritance and capital gains tax. However, they also have associated accounting and tax obligations which can be complex and require specialist advice and management.
We have a dedicated team of trust specialists. We can advise on the most suitable type of trust to fulfil your wishes, assist in setting up the trust and provide the full range of accounting services required for trust management. These will include attending trustees’ meetings and the preparation and, where appropriate, submission of trust accounts, annual trust tax returns and related inheritance tax forms.