At Select Investors we can provide tax advice relating to both advisory and compliance services.
UK Tax Advisory:
We are able to advise on all aspects of UK personal tax and by applying our extensive knowledge to your personal situation we can ensure that your financial affairs are structured as tax-efficiently as possible and that you meet any tax filing obligations correctly and on a timely basis.
As a client, we take the time to review your current position to determine your tax residence, domicile position and any relevant history. All subsequent tax planning is then based on these parameters and will be reviewed regularly. We then establish the UK tax identity of any various assets and financial interests you may hold and begin to understand your priorities, plans and timelines and identify any factors which might influence these.
Any initial tax savings will be immediately identified and you will receive a detailed timeline for advice, input and financial structuring over the short, medium and long term. We will identify, and if you should require, assist with any UK tax filing responsibilities.
All your individual information will be brought together into a personalised Tax Dashboard which will be reviewed and updated regularly.
At Select Investors we make every effort to keep our clients up to date with any changes in tax law proposed by the Government which may affect them.
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Specific Tax Advisory Services include;
- Understanding and applying the Statutory Residence Test
- Identifying the conditions needed to be met to remain non-resident for UK tax purposes
- Setting out how a change of domicile can be effected and the main ramifications of this
- Advice on the UK tax implications and planning opportunities arising from a move back to the UK
- Tax-efficient wealth structuring for non-residents
- Tax-efficient wealth structuring for UK residents
- UK Pension Planning
- UK taxation of residential property situated in the UK and elsewhere
- Inheritance Tax planning and structuring
- Capital Gains Tax on residential and commercial property for non-residents
- The use of Double Taxation Treaties
- Identifying and understanding your reporting obligations to UK taxation
UK Tax Compliance:
Living nearly 7,000 miles away from the UK, it is easy to forget about any continuing obligations you may have to HM Revenue & Customs. The paperwork involved can be arduous and time consuming and many of our clients simply don’t have the time or inclination to deal with this themselves. Yet, at the same time, it is important to remain compliant and to be able to demonstrate a track record of good practice with HM Revenue & Customs.
There are a number of areas in which you may need to make reports for UK tax purposes, and we can take responsibility for preparing and filing these, so as to give you piece of mind.
We will work with you to identify your obligations, ensure that they are met on time, and let you know what tax you must pay and by when, or what refund you are entitled to. We will then liaise directly with HM Revenue & Customs on your behalf to ensure that any returns filed are correctly processed, as well as payments made and refunds obtained.
The services we can provide include;
- Preparation and filing of UK Income Tax returns for you and any non-UK resident companies you hold which have interests in UK property
- Preparation and filing of Non-Resident Capital Gains Tax returns
- Preparation and filing of Annual Tax on Enveloped Dwelling Tax returns for relevant residential property interests held by companies and other structures you may have an interest in
- Form R43 Repayment Claims
- Form P85 to report departure from the UK
- Form SA1 to register as a Self Assessment Taxpayer
- Forms NRL1i and NRL2i to register for the Non-Resident Landlord Scheme
- Help in the completion of forms for Common Reporting Standard (CRS) purposes.
Key return dates to remember:
Income Tax returns need to be filed by 31st January following the end of the tax year. However, if you wish to file a paper tax return, the deadline is 31st October following the end of the tax year.
Non-Resident Capital Gains Tax returns need to be filed within 30 calendar days of the completion of the sale, gift or assignment of interests in UK residential property.
Annual Tax on Enveloped Dwellings returns need to be filed by 30th April each year.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.