The services we offer…
We offer a range of Private Client tax services to you to help you meet your tax compliance obligations and plan ahead to mitigate potential tax charges (if possible). We pride ourselves on providing a proactive and personal service and excellent value for money.
The services we offer include:
Capital Gains Tax
Changes in personal circumstances
Family Investment Companies
We offer competitive fees for our services and seek to provide fixed fees wherever possible to ensure that there are no surprises.
Crowthers can help you to complete your self-assessment tax return to report your income to HM Revenue and Customs. We are able to assist you regardless of whether you have simple tax affairs or very complex affairs, with a range of income types including:
- Sole trade and partnership income;
- Dividend income from your company;
- Rental income;
- Investment income;
- Trust income;
- Overseas income;
- Pension income; and
- Specialist income such as Lloyds Insurance.
Our personal tax service includes preparing the draft tax return for approval, submitting the return electronically to HM Revenue and Customs and advising you of tax payments as they become due.
All of our Directors and Managers deal with the preparation of tax returns and you will be given a dedicated contact who will be able to assist you with your tax affairs.
We offer fixed fees for the preparation of personal tax returns, which are collected by direct debit in July each year.
Capital Gains Tax
The tax team at Crowthers are able to assist you with capital gains tax calculations and planning, including:
- The availability of principal private residence relief on your main home, and making the appropriate elections where you have a second home or holiday home;
- Calculating the capital gains tax payable on the disposal (or gift) of residential or commercial properties, investments or business interests;
- Advising on any reliefs that may be available to you such as Business Asset Disposal Relief, roll-over-relief for business assets, hold over relief for gifts of business assets and hold over relief for assets transferred into trust;
- Assessing the interaction with other taxes, such as inheritance tax, VAT or stamp duty land tax;
- Considering the capital gains tax implications on your separation/divorce or the breakdown of your business partnership/demerger of your company.
If you are thinking about selling a UK residential property you may be required to file a ‘UK land return’ and pay an estimate of the capital gains tax within 60 days from the completion date. This is treated as a “payment on account” against your total income tax and capital gains tax liability for that year when your annual tax return is submitted. If you are selling a residential property please speak to us as soon as possible so any necessary planning can take place ahead of completion.
We have a very experienced team that can deal with Capital Gains Tax issues and advice. Please contact Lucinda Davenport (Director) or Harriet Turner (Manager) to discuss your capital gains tax requirements.
Trusts are commonly perceived as being for the rich, but this is not the case as they can be a useful means of financial and tax planning. Whether you are supporting children through education, planning your retirement or wanting to pass on assets, a trust may be beneficial.
Lucinda Davenport is a specialist in this area and can advise you on the benefits of creating a Trust, together with explaining the impact on your capital gains tax, inheritance tax and income tax position.
Lucinda can also advise on the tax position of existing Trusts and deal with annual compliance requirements of trusts including preparing the Trust’s accounts and tax return. We can also advise beneficiaries on the tax implications of receiving money or assets from a Trust. Lucinda also advises on your 10-year charge calculations, the dissolution of trusts and the requirements of the Trust Registration Service.
Please contact Lucinda Davenport (Director) to discuss your trust requirements.
Family Investment Companies
A popular alternative to a traditional trust structure is a family investment company (FIC) which can also be used to transfer wealth to future generations to mitigate any future inheritance tax charges.
A FIC is a private UK company where the shareholders are family members. As they are structured as a UK company, the foundations on which they are built are well understood, easy to implement and have low annual compliance costs.
Assets are transferred into the FIC and those assets generate investment returns which can be used to provide family wealth. Alternatively, returns can be directed to be used for things such as payment of school fees.
Crowthers specialise in advising on the advantages of FICs and can guide you through the creation, implementation and ongoing compliance requirements. Please contact Sara Crowther (Director) or Harriet Turner (Manager) to discuss whether a FIC is a suitable structure for you.
Inheritance Tax Reviews
We specialise in undertaking inheritance tax reviews and recommending how best to minimise the impact of inheritance tax on your estate, whilst ensuring you are suitably provided for. We will build a strategy that focuses on your objectives and is suitable for your family structure and assets, that will ensure your wealth and assets are passed on to the next generation in the most tax efficient manner.
We will consider whether trusts or family investment companies are suitable for you, as well as looking at other planning opportunities including:
- Will planning;
- Maximising business relief and agricultural property relief;
- Life assurance;
- Maximising allowances;
- Investment structures.
We understand the need to maintain flexibility, control of your assets and ensure adequate provision for future care and will build these requirements into your inheritance tax strategy.
We will work with your solicitors and financial advisers (or recommend you to our extensive network if required) to ensure your inheritance tax plan is efficiently implemented and regularly reviewed.
If you would like to discuss this further then please contact Sara Crowther (Director), or Lucinda Davenport (Director).
We specialise in assisting clients with rental investments, including portfolios of buy-to-let properties and can advise you on:
- Preparation of rental accounts;
- Advising you in relation to the tax relief for mortgage payments;
- Incorporation of your rental portfolio (including incorporation relief, stamp duty land tax, partnerships);
- The special tax rules for furnished holiday lets including capital allowances;
- Capital gains tax on property disposals;
- Inheritance tax relief on property;
- Future strategy (gearing, capital growth, yield etc).
If you would like to discuss this further then please contact Sara Crowther (Director) or Harriet Turner (Manager).
Change in Circumstances: Marriage/Civil Partnerships, Divorce and Children
We are able to offer you tax advice on the implications of marriage or civil partnership, divorce or separation and having children.
If you would like to discuss this further then please contact Lucinda Davenport (Director) or Harriet Turner (Manager).