Personal Tax Advice

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What is Personal Tax Advice?

Personal tax advice normally involves looking forwards — helping you get ahead of a transaction. Occasionally, it can mean looking back at something that’s already happened and explaining the options (or, unfortunately, the consequences). That’s why we always encourage clients to ask us before they commit to a course of action. And that’s why we offer a ‘quick query’ service to all our clients.

Unlike businesses, which may need ongoing tax planning, private individuals are more likely to need discreet, one-off support. We offer independent tax advice through standalone meetings, with or without a formal written summary. All clients will, however, receive a transcript of the meeting.

What Kinds of Tax Questions Do People Ask?

The tax implications of selling an asset — like an investment property or even a painting. (We recently had a client who sold a Banksy they’d bought years ago). This is the kind of capital gains tax advice we regularly provide to private individuals.
Pension contributions — especially in connection with thresholds, such as the personal allowance taper at £100,000.
Comparing tax consequences of different property purchase structures — looking at the impact for income tax and capital gains tax.
How to maximise tax allowances as a married couple or civil partners — including changes to beneficial ownership.

Selling a UK Residential Property

Reporting the sale of UK residential property should be done within 60 days. For UK tax residents, missing this deadline means an immediate fine, followed by more penalties and interest.

We’ve helped many clients calculate their gains and submit the required 60-day submission to HMRC. However, if you miss the deadline, the longer the delay, the worse the outcome. It’s also worth bearing in mind that it takes time to set up accounts and get the right authorities in place. We therefore always recommend starting this process as soon as an offer is accepted. Leaving it until exchange is risky and waiting until completion is just asking for trouble.

Let Property Campaign

If you’ve been filing tax returns but not including rental profits — or you should have been filing a return but didn’t — the fines and penalties can run into the tens of thousands.

We can help by applying for disclosure under HMRC’s Let Property Campaign. You’ll still need to pay the tax and interest. However, provided your disclosure is prepared correctly and backed by the right evidence, the campaign may offer relief from some or all penalties. These disclosure campaigns change over time, but they all share the same objective. In short, they aim to help taxpayers come clean, pay what they owe, and move on with peace of mind. HMRC gets what it’s due — everyone’s happy.

What’s the Best Advice We Can Give?

If you think you need advice, our best advice is to ask for it early.

Arm yourself with the knowledge you need to make an informed decision — and avoid being left to manage the fallout.