Private Clients

Preserving and maximising our clients’ wealth, both for themselves and for future generations.

Crowe loses a much respected partner

Tim NorkettIt is with great sadness that we have to inform you that Tim Norkett, our National Head of Private Clients, passed away on 3 January 2017 after a period of illness.

Tim had been with Crowe Clark Whitehill for almost 30 years, joining in 1987 and becoming a partner in 1999, looking after the firm’s largest and most prestigious private client family relationships during that time.

Tim’s extensive experience in dealing with all aspects of the UK personal tax regime for clients from all walks of life made him an invaluable member of the team, well known to many both within and outside the firm for his practical and pragmatic approach to providing advice on all manner of issues. With his energy and passion, he has also been responsible for driving the development of the Private Client Group. His colleagues and friends in the Private Client team will continue to support Tim’s clients and the growth he envisaged for the team.

Tim leaves behind his wife Kathy and two daughters, Alice and Rebecca. We have been in contact with Tim’s family and have passed our sincere condolences at what is an understandably difficult time. A private family funeral will be held and a memorial service is being planned for early February 2017 in Alton, Hampshire, where Tim lived with his family. We will announce further details of this once arrangements are finalised.

David Mellor, Chief Executive of Crowe Clark Whitehill says “Not only was Tim a truly ‘trusted advisor’ for his clients, coordinating all aspects of their financial affairs, but he was considered a trusted and loyal friend to all that knew him, both professionally and personally. I know that Tim will be greatly missed by everyone who had the pleasure of knowing him.”

Capital Gains Tax Planning

We can help calculate the tax cost of your commercial, residential or investment property sale and help you to reduce it.

We help to identify opportunities for tax savings, e.g.

  • transfers between spouses to help reduce the tax charge by taking advantage of two annual exemptions and potentially a lower rate band
  • sales of other assets running at a loss could be planned in the same tax year as those with gains to reduce tax exposure.

Inheritance Tax Planning

There are many options to consider for mitigating inheritance tax. These include:

  • gifts
  • Trusts
  • reliefs and exemptions
  • financial investment products.

Planning now for the future can protect your beneficiaries from unnecessary tax exposure.

Tax Returns

We remove the worry associated with reporting your income to HMRC. We ensure you meet your tax reporting obligations and are advised of your liabilities in good time, including taking advantage of all the reliefs and allowances you are entitled to, so that you pay as little tax as possible.

We:

  • prepare and submit your tax return and liaise with HMRC
  • prepare any self-employment or rental accounts
  • calculate and advise on your tax liability or repayment
  • review your financial affairs to identify any planning opportunities which may lower your tax bill for the future.

We can also assist if you need help in reporting a one-off transaction, such as the disposal of an asset, receipt of unusual income or the need to claim tax relief on a special investment.

Income Tax Planning

We help you to develop a strategy to mitigate your income tax liability effectively.

We advise on:

  • spreading sources of income across the family
  • planning your income to retain personal allowances and child benefit
  • claiming income relief on pension contributions and advising on the maximum annual and lifetime limits to ensure your pension planning is tax effective
  • claiming additional relief on charitable contributions
  • tax efficient investments such as the Enterprise Investment Schemes (EIS), Venture Capital Trusts (VCTs) and Seed Enterprise Investment Scheme (SEIS).

We also work closely with our dedicated Financial Planning team to provide appropriate investment advice.

Dealing with HMRC

It is all too easy for unadvised taxpayers to commit an expensive mistake.

An official enquiry can now take many forms:

  • informal written enquiry from a HMRC official
  • formal enquiries into tax returns such as an aspect enquiry or a full enquiry
  • investigations carried out under Codes of Practice 8 or 9, where serious avoidance or fraud is suspected
  • formal request to make a statement relating to your tax declarations relating to overseas bank accounts.

Some enquiries start from a random selection, but many others are selected due to a perceived discrepancy, risk profile or information received. HMRC may enquire into only a part of the return or they may wish to undertake a full review of all tax affairs.

Our tax specialists engage with HMRC on your behalf, and will work out a settlement, if necessary.

Philanthropy

Whether through specific one-off charitable donations or by the creation of family charitable foundations, we can make sure your money is maximising the help it gives.

We can help you with:

  • Gift Aid declarations
  • Charity Commission registration for charitable trusts
  • Charity Commission annual returns
  • charity tax repayment claims
  • charity annual accounts preparation
  • services of an independent examiner
  • charity audit
  • full charity administration.

Residence and Domicile

The concept of residence and domicile for tax purposes is complex. Even determining whether you are resident or domiciled in the UK is not straightforward.

Our specialist team can help you navigate this complicated area of taxation.

We can advise on how to structure your affairs to limit your UK tax exposure, whether you are a non-domicile individual spending time in the UK, a global worker relocating to the UK, or leaving the UK.

If your affairs include questions of residence and domicile, you may have tax issues in other countries. As part of the Crowe Horwath International Network, we have teams around the world which whom we work closely to ensure a seamless service for your global personal tax needs.

Family Office

We can look after your family’s finances for you.

  • Run your bank accounts and pay bills
  • Reconcile your accounts
  • Streamline your financial arrangments
  • Regularly review your investment portfolios
  • Structure your tax liabilities
  • Handle family Trust accounts
  • Assist with will drafting and death estate administration
  • support your international tax strategy and compliance
  • Help with visas and international work requirements
  • Manage property and estates
  • Advise on charitiable giving and setting up your own charitable trust

Trusts, Estates and Probate

Trusts

Lifetime planning can minimise the taxes your estate faces and ensure your estate passes smoothly to the people you want it to.

Trusts have traditionally been used for mitigating inheritance tax, but can be as useful in mitigating income taxes and Capital Gains Tax. We also look at alternatives to trusts, such as Family Investment Companies.

Our specialist help throughout the life of a family trust covers:

  • preparation of annual accounts and tax returns
  • production of a single page annual ‘statement of affairs’ offering a readable snapshot of the trust’s activities
  • tax advice for beneficiaries becoming entitled to some or all assets, completing the necessary returns, ensuring accounts accurately reflect the event and helping the transition of the assets
  • safeguarding wealth by helping your family educate young beneficiaries on looking after your assets
  • winding up a settlement and making decisions about the future of a trust
  • repatriating offshore trusts and advising on the export of a trust.
Estates

We help the executors in all areas during the life of the estate:

  • preparing annual estate accounts and returns
  • planning tax effective distributions that meet the testator’s wishes
  • liaising with beneficiaries in relation to their personal tax obligations.
Probate

Dealing with many different agencies following the death of a loved one can be confusing and upsetting. We can be involved as much or as little as your family needs. We can help alleviate the burden by completing forms, liaising with other family advisors, and helping you to understand the probate process.

Tax Efficient Investments

Some of the most effective tax-efficient investments on offer:

  • Enterprise Investment Scheme
    Income tax relief is available at 30% on qualifying investments up to £1 million a tax year. If the investment is held for a minimum of three years, any gain realised on the sale of it is free of capital gains tax.
  • Seed Enterprise Investment Scheme
    Provides investors in new or recently established small trading companies with income tax relief at 50% on qualifying investments up to £100,000 each tax year.
  • Venture Capital Trusts
    Income tax relief is available at 30% on investments of up to £200,000 each tax year.
  • Pension contributions
    A tax credit is automatically added at the rate of 20% to the gross amount of pension contributions made by individuals to a UK pension scheme.
  • Life assurance bonds
    This is an investment wrapper which can allow investments within it to grow free of any further UK tax. Up to 5% a year can be withdrawn for 20 years without any income or capital gains tax becoming due.
  • Inheritance tax business property relief schemes
    There are a range of investments which, once owned for two years should qualify for inheritance tax relief meaning that the value of the asset held on death is inheritance tax free. This can save tax at 40%.
  • ISAs
    You are able to invest up to £15,240 (2016-17) into an ISA in the current tax year. Dividends and capital gains made within the ISA are free from tax.

We work closely with our specialist independent Financial Planning team, who can recommend specific investments.

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