The Private Client department at Gepp Solicitors is a rarity among firms of solicitors in Essex as we have Solicitors, Chartered Tax Advisors and an Accountant in-house. This unique blend means that we can provide you with the tax advice you need and prepare the legal documentation for implementation and where necessary, submission to HMRC. Our specialists have considerable experience in assisting clients with various tax related issues and this distinctive combination of skill sets ensures that we are able to provide bespoke, up to date and efficient advice for most situations that can, and do, arise.
With such a wealth of experience, the team is able to advise on many different areas and their holistic approach ensures you are provided with advice and options that meet your requirements in the most tax efficient way possible.
You do not have to live in Essex to benefit from our experience and we have assisted many clients in and around London who wish to receive "City-style" advice at more reasonable rates.
Examples of the types of work we can assist with are shown below but if your particular concern is not listed, please feel free to contact us to see how we can help.
- Inheritance tax planning (IHT): As part of an IHT review, we can look at the availability of both Agricultural Property Relief and Business Property Relief both of which are invaluable reliefs for individuals providing significant IHT savings, thus ensuring maximum capital retention for future generations.
- Succession planning: most individuals would like to pass the businesses and other assets that they have spent their lives accumulating to their children and grandchildren and planning early can ensure that this happens when and how you want and in the most tax efficient manner.
- Trusts: Trusts are put in place for many reasons; tax planning, divorce/bankruptcy protection, ring fencing for a vulnerable individual but whatever the reason, it is important that the Settlor (the person creating the trust) and the Trustees understand the structure of the trust and report to HMRC in the correct way and within the appropriate timescales. We can advise Settlors and Trustees on their legal obligations, whilst at the same time preparing and submitting the appropriate tax forms and liaising with HMRC with regards to any questions they may have.
- Capital Gains Tax (CGT) planning: CGT rates vary depending on the type of asset you dispose of and the level of your income in the year of disposal. Taking the time to discuss the planned disposal with us can result in significant savings, for example by the possible utilisation of Entrepreneurs' Relief or family members' lower tax rates and allowances.
- Self-assessment compliance: tax returns, whether for you personally or the trust for which you are a trustee, are becoming more complex despite HMRC'S so-called tax simplification and many of us just do not have the time or inclination to prepare that annual return. By working with us we can take the stress out of the preparation of that tax return whilst ensuring you meet the self-assessment deadlines and avoid penalties and interest.
- Income tax planning: With income tax rates currently topping out at an effective rate of 60% in some circumstances, it has never been more important to look at ways of mitigating the income tax burden. Married couples or those in civil partnerships can often take simple steps to lower the total income tax paid in a year and we can sit down with you and discuss the options available.
- Remuneration planning: Tax planning around the different methods of remuneration for businesses, including companies and partnerships, can produce significant tax and National Insurance savings for individuals and the business. In previous years, it was usually tax efficient for owner managed businesses to take small salaries and large dividends but recent legislation changes mean that this may not be the most efficient manner of profit extraction now. Meeting with a member of the tax team at Gepps can help you determine the most tax efficient method of providing remuneration to key staff and shareholders and keep up to date with changing tax legislation.
- Property taxation: You may own multiple properties or wish to invest in further properties as an alternative to other investments that you consider are more volatile. Going into a purchase with your eyes wide open can save on unexpected Stamp Duty Land Tax (SDLT) liabilities, particularly due to the additional rate changes announced in 2015. Parents wishing to help their children get a foot on the property ladder need to be particularly aware of the potential for an additional 3% rate of SDLT and we can advise on the options available to you and where necessary put legal documentation in place to protect your interest.
If you wish to speak to a member of the tax team at Gepp Solicitors please call 01245 228146 to discuss your requirements and see how we can help.