Private Client Services
At Rayner Essex, we understand the needs of each of our clients are different. We can help you, whether you are:
- Setting up your own business
- Looking for support with your self-assessment tax return
- Planning for the future
- Seeking advice on your personal tax position
- Protecting your wealth for your family
- Leaving or moving to the UK
- Seeking advice on your residence and domicile status
- Running an owner-managed business
- Needing support with your residential properties
…or have another tax query — give us a call for a chat.
Our highly experienced team will take the time to get to know you and understand the support and services you require from us. You can rest assured knowing your tax obligations with HMRC are being met and you are fully compliant, and perhaps saving tax along the way too.
UK Tax Compliance Services
UK tax legislation is complex and can often leave taxpayers feeling confused. We can support you with your UK tax compliance obligations, giving you the peace of mind that you are up to date with these obligations and with any tax payments due.
Our services include:
- Self-assessment tax returns
- Non-resident company tax returns
- UK and non-resident capital gains tax returns
- Non-resident landlord forms
- Relief claims including EIS and SEIS
- Reporting via the Trust Registration Service
- General HMRC compliance forms such as registration for self-assessment, notification of leaving the UK and registration as a self-employed individual
Personal Tax Advice
As accountants and tax specialists, we can advise on tax legislation and how to structure your tax liabilities. We also work closely with a number of financial advisors and wealth management companies who can provide optimum tax and pension products.
International Tax, Non-residence and Non-domicile
Relocating overseas, whether for work or for personal reasons, will no doubt be an exciting time for you. As part of your relocation, you will need to ensure that both your UK and overseas tax positions have been reviewed, ideally before your relocation.
Our team of international tax experts can support you before, during and after your relocation. As a member of INPACT, a global alliance of carefully selected accounting firms, you can rest assured that both your UK and your international tax affairs will be looked after. We will work directly with our overseas member firm to secure the best possible outcome for you, minimising double taxation on your income and capital gains.
We can provide support with a wide range of international matters, including the following:
- Applying the Statutory Residence Test (SRT) to your circumstances to determine your UK residence status in current, future or past tax years
- Reviewing your domicile status and providing advice on the optimum basis of taxation for you in the UK
- Pre-arrival planning in the UK, such as offshore bank account structuring to minimise UK tax liabilities on remittances to the UK from abroad
- Planning services if you are considering leaving the UK, such as compliance obligations and non-resident landlord forms if you intend to let a UK property whilst abroad
- Advice if you are a long-term resident including exploring the different options available to you to minimise your UK tax liabilities
- Support if you are an employee moving abroad by reason of their employment, including tax equalisation and National Insurance contributions
Whether you are setting up your own business or have an existing business, there can be a lot to consider and a lot at stake, including tax, National Insurance and VAT, not to mention other areas such as financial and legal considerations. Maybe you are looking for tax advice on setting up your business or require support with compliance obligations. Or perhaps you would like us to review your current business structure and provide advice on any business enhancements which you could make from a tax perspective. Please get in touch and we can discuss the best approach for you and your business.
Inheritance Tax and Estate Planning
Discussing and planning for your death can be a sensitive subject. However, we understand how important it is for you to ensure that your loved ones will be looked after following your death. Whether it is making financial provisions for your children or grandchildren, ensuring a smooth succession of your business, or drawing up a Will to decide who will inherit your assets — there can be a lot to consider.
We can support you with these sensitive conversations and guide you to the outcomes you hope to achieve through the following services:
- Exploring the inheritance tax (IHT) consequences of making lifetime gifts, ensuring you retain sufficient funds to support and maintain your lifestyle
- Calculating the IHT exposure on your estate
- Exploring any steps you can take to reduce your IHT bill
- Planning around your business assets to make the most of Business Relief
- If you are non-UK domiciled, we can advise you on the IHT consequences of becoming deemed UK domicile and steps which you can take to mitigate any IHT liabilities
UK and Offshore Trusts
A trust (or settlement) arises when someone transfers assets to trustees who hold them and the income from them — for the benefit of one or more persons. A trust can be created in lifetime, or on death by a Will or under the intestacy rules. Frequently seen as complex and costly, trusts can often be overlooked when individuals undertake succession planning; however in the right circumstances, a trust can be an excellent way of protecting your assets and managing your estate for future generations.
Whether you are looking to create a trust to plan for your family’s affairs or you are looking for advice regarding an existing trust, we can assist with the following:
- Compliance obligations for both new and existing trusts, including tax returns and inheritance tax (IHT) returns
- Understanding your objectives and exploring the different options and structures for you and your family
- Advice on the tax consequences of setting up a new trust
- Advice on the tax consequences of winding up a trust or appointing trust assets to beneficiaries
Residential Property Tax
Residential property has seen a significant number of changes to the tax legislation in recent years. From the introduction of capital gains tax returns to the reduction of Private Residence Relief, Lettings Relief and relief for mortgage interest, it is fair to say that owning a residential property and meeting your tax obligations can be complex. Deadlines to meet your obligations can be short, sometimes as short as 30 days, and with hefty penalties levied by HMRC for non-compliance, keeping up to date with your obligations can seem daunting.
Our team of experts in this field can assist you with the following:
- Preparation of rental accounts and self-assessment tax returns to report rental income and expenditure to HMRC
- Capital gains tax returns to report property disposals to HMRC
- Advice on the tax implications of selling or gifting your property
- If you are getting divorced, advising on any tax implications of selling or gifting your property
- Advice for non-resident landlords (including non-resident companies) who own UK residential property, and support with compliance obligations
Tax Enquiries and Investigations
Whether you have received correspondence from HMRC advising that they are looking into your tax affairs, or if you have received income or capital gains which you need to disclose to HMRC, uncertainty with your tax affairs can be daunting and worrying.
Our team of experts will take the time to understand your circumstances and advise you on the best way forward to bring your tax affairs up to date. We will work to secure the best possible outcome for you with HMRC, whilst keeping you updated at every step of the process.
Frequently Asked Questions
1) When do I need to register for self-assessment?
If you are required to submit a self-assessment tax return to HMRC, registration must be completed by 5 October following the end of the relevant tax year. The tax return submission deadline is 31 January following the end of the relevant tax year.
2) I am non-UK resident/non-UK domiciled. Can I use HMRC’s software to submit my tax return?
HMRC’s software does not support submission of tax returns for non-UK resident or non-UK domiciled individuals. Residence and domicile is a complex area and is often investigated by HMRC.
3) I have sold a property. Do I need to submit a capital gains tax return?
A capital gains tax return is not always required when an individual sells a property. Whether or not a return is required will depend on several factors, including but not limited to the type of property sold, the capital gain or loss on disposal, the use of the property throughout the period of ownership and the residence status of the vendor. Please note that if a capital gains tax return is required, the deadline for submission is usually 30 days from the date of completion. With high penalties for late submission, timely submission is key.