Personal tax

Many taxpayers think the completion of the annual Self Assessment Tax Return as tedious, repetitive and routine. They are right. Unfortunately, many also think that it is simple and straightforward. Most of the time, this is an illusion. The moment you introduce pension provisions, set up savings accounts or inherit wealth, your affairs become complex.

We use the most up-to-date specialist taxation software, overseen by specialists who ensure maximum accuracy in Tax Return completion. We know that any error, however innocuous, can spark off an unwelcome enquiry. We consider it an integral part of our client remit to provide a professional service designed to offer the best protection against unwelcome enquiries. Should an enquiry ensue, we have a team that includes ex-Inspectors' of tax who understand how to bring such enquiries to a speedy conclusion.

As a client, you benefit from a thorough examination of your financial situation. From this we can gauge the type and extent of tax mitigation required. This can take the form of a complicated series of trusts or an element of offshore planning. Sometimes it could just involve recommendations on re-drafting your will, adjusting pension contributions or transferring ownership of an asset.

Whatever your circumstances, our role is to ensure that you are not volunteering to pass over too great a slice of your income and assets to the tax authorities while keeping your affairs in compliance.

Income tax, Capital Gains Tax, Inheritance Tax, National Insurance Contributions; all of these taxes will impact you in one way or another during your business life. Our clients expect that any tax mitigation exercise should not, and will not, focus on one tax in isolation. We endeavour to deliver optimal answers where the balance of tax is minimised but without tying you to products or agreements that fail to match your personal goals.

Inheritance tax mitigation

It used to be said that Inheritance Tax (IHT) is only a problem for the wealthy. It also used to be said that IHT was effectively a 'voluntary tax.' How times have changed!

While the 'nil rate band' has increased modestly, property prices have outpaced tax inflation by a considerable margin, drawing many people into the IHT net. Without adequate thought, your estate could find itself paying tax unnecessarily.

You will need to ensure you have drawn up a will that reflects your wishes and is structured so as to take into consideration the impact of IHT.

In 2006 the government threw the trust regime into turmoil. It now seems you will need to know whether any will drawn up prior to 6th April 2006 has been reviewed to ensure that it is still effective from an IHT perspective.
We recommend, among other things, that clients consider taking advantage of the annual exemptions for lifetime transfers, the exemptions for gifts in consideration of marriage, and the exemption regime for gifts made out of income.

Business clients that have trading companies will need to ensure those companies are structured in such a way to ensure that your estate will be entitled to 100% Business Property Relief.

If you are non-domiciled for Inheritance Tax and you have property abroad, or if your spouse is non-domiciled, you are going to need specialist advice.

The first priority for most people is to ensure that their family will be financially secure. Expert IHT is needed to achieve this. That’s where Berkeley Townsend comes in. We provide a sensitive, considerate and above all professional service designed to secure your family's future.