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Private client tax

The relationship between First Accountant and the individuals we act for is unique. We are known not only for technical quality, but also for the long-term relationships we build with clients, which facilitates a deep understanding of their issues and objectives. As a result, we are able to offer bespoke tax and wealth management solutions which meet the objectives of our clients and their families.

First Accountant Private Client Services team offers integrated and bespoke advice on tax, trust and estate planning and wealth management. We can help you and your family to reduce your tax burden and ensure you establish the appropriate structures to safeguard, maintain, invest and pass down your wealth.

Entrepreneurs

Your business needs and concerns will change over its life cycle. Managing tax exposure is as important as managing any other cost of your business. You need advice that is commercially aware and focused on helping your business remain competitive.

First Accountant can offer tax advice to entrepreneurs at every stage of the business life cycle, whether it be the best way to structure a new business or investment, dealing with additional funding and expansion, succession planning to pass your business onto your children, or selling the business to third parties.

We can also advise on mitigating your exposure to inheritance tax, including tax-efficient wills and providing for your family.

We can also assist with your tax compliance, filing tax returns with HMRC for you and your family.

Financial services professionals

First Accountant has an award winning Financial Services practice. As a result we have developed a deep understanding of the tax issues facing financial services professionals in relation to their personal tax affairs and the management of the structures in which they have an interest.

Financial services professionals are faced with all of the challenges faced by high net worth individuals in other sectors, but with the added complexities of regulation and often highly intricate and international business structures.

We provide advice to private client individuals in the following sectors:
 

·         private equity, often with carried interests;

·         hedge fund managers;

·         bankers, corporate financiers and investment bankers; and

·         Asset managers.

However, we recognize that the issues facing a private equity manager with a long term stake in a relatively illiquid business will be very different that those facing for example an investment banker. We therefore have specialist teams dealing with each of these areas to ensure that the advice provided is specific and relevant to the individual.

We also work closely with our Financial Services team to ensure that new structures being established are effective from a business, personal and regulatory perspective. We also ensure at an early stage that tax efficient holding vehicles are established to warehouse the individuals interests in the entities they manage.


High net worth

For high net worth clients, the focus on effective and sensible tax planning has never been greater. To respond to the ever increasing complexity of clients affairs, Revenue authorities in the UK and around the world are working more closely to respond to these new challenges. Faced with these challenges it becomes ever more important to receive up to date pro-active advice to ensure you are managing your affairs as efficiently as possible to protect your wealth for you and your family.

Our private client team provide advice to a wide range of high net worth clients, including families, entrepreneurs, professionals such as lawyers and barristers, those working in financial services, including private equity and hedge fund advisors, non-domiciles and non UK residents and sports professionals and individuals in entertainment and media

We aim to be a one stop shop for high net worth clients requirements and have specialists who advise on all aspects of personal tax planning including:
 

·         tax efficient structuring of your businesses, including consideration profit extraction, inheritance tax protection and capital gains tax mitigation;

·         family wealth structuring using trust, partnership and corporate holding vehicles;

·         structuring for private equity interests;

·         non domicile and residence planning;

·         matrimonial tax planning;

·         tax investigations and disputes, including managing interactions with HMRC;

·         complex personal tax return compliance for high net worth clients;

·         domestic payroll issues;

·         wealth management including pension and tax efficient investing.

 

Non-domiciled individuals

First Accountant has particular expertise in advising non-UK domiciliary.

The remittance basis allows non-UK domiciliary to shelter non-UK assets from tax in the UK provided income and capital gains are not brought to or enjoyed in the UK.

We can advise you on your domicile status, and how to maintain a domicile outside the UK. We can assist on all aspects of the remittance basis to ensure you do not benefit from offshore assets in the UK, thus triggering a tax charge. We can advise on how to structure your offshore assets in the most tax efficient way, including offshore structures such as trusts, foundations, and other international entities.

We can also assist with your tax compliance, filing tax returns with HMRC for you and your family.

Non-resident landlords

If you have rental property (commercial or residential) in the UK but your usual home is outside the UK (basically non- residents) then the Non-Resident Landlord Scheme (NRLS) will apply. 
 
We are currently undertaking tax due diligence work in respect of refinancing arrangements between third party lenders and non-resident landlords. The lenders are becoming increasingly concerned with the UK tax position of the non-resident landlords, and wish to minimise the risks to which they would be exposed if unexpected tax liabilities led the landlord to default on the loan. Hidden tax liabilities could arise if, for example, the transfer pricing provisions have not been adequately considered. Another area of concern is whether the interest charged on the finance might be held to have a UK source, giving rise to withholding tax liabilities.
 
We can also assist you with the following matters from a UK tax perspective:
 

·         registration under the NRLS to maximise cash flow advantage;

·         completion of the annual Income Tax Return including consideration of transfer pricing and capital allowance matters;

·         assistance with payment of appropriate income tax liabilities;

·         due diligence work on the proposed acquisition of existing overseas structures for investment properties in the UK;

·         tax planning to ensure the most appropriate structure is in place for investment properties in the UK including consideration of the new tax charges on high-value residential property;

·         completion of the annual ATED Return in order to claim exemption from the charge;

·         advising on Construction Industry Scheme (CIS) matters when the landlord is deemed to be a contractor under the CIS;

·         advice for agents/tenants regarding their obligations under the NRLS.

For more information or to arrange an initial meeting please contact one of our tax specialists


UK arrivers

Tax planning is an important element of coming to the UK and advice should be taken as early as possible to ensure you are well prepared in advance of your arrival.

First Accountant can advise on UK tax residence for both you, your spouse and dependants, including maintaining tax residence outside the UK where this is desired for one member of the family, or determining the date on which you became resident in the UK for tax purposes.

We can also advise on the most tax efficient way to structure your business interests and/or other investments to shield them from the UK tax net, as well as establishing funding you can draw down after you have become UK tax resident. 

We can also assist with your tax compliance, filing tax returns with HMRC for you and your family and any domestic staff. 

To find out more about how we could help you, contact one of our experts.

Tax for US expats

Expatriate US citizens paying US taxes continue to face a challenging tax environment. Its imperative to take specialist advice to ensure compliance and protect your wealth.

We work alongside First Accountant US Tax Services to offer Americans in the UK and businesses with US connections a personalized and high quality service for their complex tax needs.

Together we can prepare your US tax returns and tell you how much US tax to pay. We work with our UK tax experts to ensure that the availability of tax credits are maximized. We provide all the support and guidance needed to deal with the increasingly complex tax environment and identify opportunities to mitigate your tax position. Being qualified in both jurisdictions, we can prepare your US and UK returns to ensure your tax position is fully integrated, so that you only have to provide information once, and your affairs are managed so that you are fully compliant with your obligations.

We can also advise on the best way to manage non-compliance with the US complex reporting obligations and bring your affairs up to date with the IRS.

Contact us to find out how we can help you.