UK Private Client work – developing business and enjoying work more? Richard Holme – PG UK...
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Transcript of UK Private Client work – developing business and enjoying work more? Richard Holme – PG UK...
UK Private Client work – developing business and
enjoying work more?
Richard Holme – PG UK Chairman
4 July 2014
CREASEYSMembers of PrimeGlobal for 20+ years
8 Partners/team of 70
Award winning tax team
Tunbridge Wells base
Private client team of 20
New offices/corporate structure
what is private client?
TAX
PRIVATE CLIENT
Wills?Probate?Attorney?
WEALTH MANAGEMENT
some areas of private client work
HNWILloyds
Landed estates/farms Wills/probate
Non domsAttorney/executor
Non residents Private equity
ATED Small practitioners
Trusts Wealth management
US tax Tax investigations
PrimeGlobal group - contacts
Atkinson Donnelly
Betty GlanceyBuzzacottAkin CokerCKCABelinda MorganClement KeysShona CutlerHall Morrice
Stuart WatsonHurstRachel MurphySimmons Gainsford
Stephanie SharpeThomas Westcott Dale
SimpsonWoolfordPeter Robertson
action plans …
PG group meetingAnnually
Tax meetingAnnually
Conference callsMonthly/ad hoc
Emails/queriesAd hoc
Technical/marketing/proformas/IT
private client changes ….
Announcement/case decision … occurs
Spot!
Read/understand/assess importance
What clients affected? Potential for new work?
Draft PR/technical material
Contact clients etc feedback
Chargeable work fees/happy clients
risk v rewards – mehjoo case?
Mehjoo sold business for £8.5m gain – 10% rate
Montpelier plan £200,000 fee
Non dom bearer warrant plan
Initial decision - his accountant negligent - £5m costs!
tax complexity – split year
Alain arrived in UK on 1 October 2014 from France to carry on working for UK company. He made a £1m capital gain on 1 May 2014.
Taxable in UK from 6 April or 1 October 2014?
8 tests?!
Reporting(excessive) on tax return
Value? Fees? Stress!
tax change – where are we? (1)Albert is a director of Moneybags plc and provides his services to plc through Albert Ltd
Brian is a partner in Crumbs LLP solicitors as is his company Brian Ltd Cedric has £100,000 of rental income and £100,000 loss from his golf course – sole trader
Derek is a non-dom with split employment contracts
tax change – where are we? (2)
Eric has 3 residences in the UK and Spain. Wants to avoid CGT on sale
Fred lives in Fiji and is planning to sell a UK property at £1m gain
Greig is planning £250,000 capex on computers in next 3 years
Herbert is leaving UK on 1 August 2014 to work in USA?
‘
tax change – where are we? (3)Boris died in June 2013 and had undertaken on Oscar plan to mitigate inheritance tax of £5m
Charlie has 100 investment properties let out, he incurs annual expenditure of £1m on white goods/carpets/curtains
Desmond started business in June 2005 and is thinking of transferring his business to a limited company
Emily is contemplating a QNUP’s contribution of £200,000‘
(thank you for listening)
Questions?