Personal Tax and Private Client Services

This is a very personal and trusted relationship so it’s not a straightforward question to answer. In our opinion, the personal tax adviser should be seeking to understand more about your personal circumstances, and that of your immediate family, to allow advice to be provided on matters relevant to you. This could be technical support around taxation, being part of the trusted team to support particular transactions or a sounding board for future plans. Whilst the service can be one of compliance (help with submitting tax forms) the real benefit comes from creating that relationship which allows more rounded advice to be provided.

There are often two distinct elements to wealth and pension planning. The first in understanding the diversification of investment you might need and the tolerance to risk. These areas are regulated and our connected company Lovewell Blake Financial Planning Limited has qualified Independent Financial Advisers who can provide support and help in this area.

The second element is often around wealth structuring and how best to manage investments/assets for your short and long-term plans. These are very much advisory services we provide and having an understanding of your wealth, thoughts and main concerns will allow us to provide bespoke support to meet your needs. What might be right for one person is not necessarily right for the next, so establishing someone’s key objectives is important.

No, you can create a government gateway and complete your own tax return. Please remember the UK tax system is based around self assessing – you assess your exposure to tax by completing a form and calculation. If there are errors in the disclosure, or an incorrect claim, HMRC have powers which permit penalties to be levied in addition to any tax due. It is always beneficial to consult a tax specialist if you want completely peace of mind that your tax return is filed correctly. Our tax consultants will ensure you meet your financial obligations by helping you file your tax returns, whilst helping to provide for your family in the longer term with careful tax planning.

This depends on what type of records they are. It is often good practice to retain records for six years although certain information may need to be kept for longer, or less, but it depends on what the records are. You should always take advice on how long specific records should be retained.

Our tax teams are very experienced and many have dedicated tax qualifications such as being Chartered Tax Advisers. We are therefore extremely capable professionals who, in addition, pride ourselves on getting to know your affairs so the best advice and support can be given.

This is the part of your income (or capital gain) which doesn’t attract a tax liability. The allowances for tax year 2022/23 are £12,570 (income tax) and £12,300 (capital gains tax).