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?