Partners in professional firms

Ensure that your tax affairs are in hand.

What we do for you

  • Tax returns and compliance
  • Becoming a partner
  • National Insurance Contributions
  • Tax planning opportunities
  • Leaving a partnership
  • Pension contributions
  • Life after partnership
  • Non-domiciled partners
  • Overseas partner
  • Moving overseas
  • Residency issues
  • Partnership disputes
  • Main residence and Capital Gains Tax planning
  • Planning for the future
  • Estate and trust planning
  • Personal Service Company issues
  • Wealth management
  • Stamp duty
  • Rental income
  • Working with North American firms

Benefits of working with us

  • Direct access to our partners when you need us
  • Dedicated approachable team providing an all-round service
  • Regular contact with the team
  • Practical day to day experience
  • Regular tax updates by way of alerts, briefings and seminars
  • Access to international expertise through Crowe Horwath member firms

Case study 1: Change in tax position and forward planning

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We act for a partner in a legal firm who was seeking tax advice surrounding his retirement from the partnership and the resulting tax impact.This included providing detailed advice on:

  • the UK tax implications of his retirement and how this will be assessed
  • tax effect of changing from a self-employed to employed basis
  • employment income to achieve maximum cash flow advantage in relation to tax
  • explanation and calculation of future tax liabilities in order for him to structure his finances in an appropriate manner
  • capital gains tax on main residence.

Our client was able to feel assured and knowledgeable in respect of his tax liabilities given the change in his employment status. As a result, he was able to plan for the future with more certainty.

Case study 2: Advising partners from US law firms

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We act for numerous partners of US law firms who are based in the UK but receive a share of the US profits. Each year we prepare their UK tax returns, a process which involves advising on matters such as:

  • analysing the Federal and State US returns and the K-1 document
  • determining what element of the income is UK or US source
  • calculating the foreign tax credit which can be used as a credit against the UK liability.

This is a complex area which requires close liaison with HQ and a hands on approach to understand how everything fits together across the different jurisdictions. We are in regular contact with our clients, ensuring that they understand their financial position at all times.

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17

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11 May, 2017
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